On October 17th, 2022, Lion’s Head Global Partners managed fund, the Facility for Energy Inclusion (“FEI”), completed its first short term financing to provide a EUR 7.0 million facility to Camusat’s energy services company(“ESCO”), AktivCo.
The Facility for Energy Inclusion(“FEI”) subscribed to a bond issuance of AktivCo Holding SAS. FEI is the sole bondholder in this transaction. The bond proceeds will cover some short-term financing needs of AktivCo and allow AktivCo to fast-track its growth in Chad, Niger, Cameroon, Ivory Coast, and Burkina Faso. This is the first time FEI has provided short-term financing.
AktivCo Holding, a wholly owned subsidiary of Camusat Group, provides energy as a service to telecom network operators in Africa, including the construction of renewable energy power plants for telecom towers, replacing polluting diesel generators. The telecom clients benefit from outsourcing a substantial part of their infrastructure while improving their service uptime and reducing their carbon footprint. AktivCo is a leading African ESCO with 3,000 sites in its portfolio and aims to operate 10,000 sites by 2025.
FEI is designed to support small-scale Independent Power Producers (“IPPs”) delivering power to the grid, mini-grids, C&I and captive power projects. The Fund is managed by LHGP Asset Management, part of Lion’s Head Global Partners. FEI was set up by the African Development Bank (AfDB) as part of its New Deal for Africa initiative. In addition to the investment by the AfDB, FEI received equity funding from KfW and Norfund and debt from the Austrian Development Bank. The AfDB also invested on behalf of the Clean Technology Fund and the European Commission.
“This transaction demonstrates the ability of the FEI team to provide bespoke solution to meet the needs of its clients and support their growth. Short-term bridge facility is a much needed new financing instrument that FEI is now providing to its clients”, said Orli Arav, Head of Debt Funds at LHGP Asset Management.
“With the support of FEI and Lion’s Head, Camusat is able to accelerate the deployment of its ESCO activities. It reinforces our ability to meet the Telecom Operators’ demand for green and efficient energy to secure their networks.” said Richard Thomas, CEO of Camusat Group.
Trinity International acted as the Bondholder’s legal advisor
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