NEWS: FEI to act as sole lender to refinance InnoVent Senegal's solar powerplant

The Facility for Energy Inclusion (“FEI”), has signed a transaction to act as sole lender for a EUR 11.0 million senior debt facility to finance Innovent’s subsidiary in Senegal. Innovent Senegal isa wholly owned subsidiary of InnoVent SAS, which owns and operates a 20MW solar photovoltaic powerplant in Sakal. The plant, operational and selling produced electricity to the Senelec since 2018, will be refinanced by InnoVent in order to redeploy its equity on other projects in Africa. FEI is managed by Lion's Head Global Partners.

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 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 a loan commitment 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 solutions to its clients in a timely manner and its expertise in structuring transactions for the small-scale IPPs in Africa. This loan will allow Innovent to continue the development of renewable energy projects in Africa”, said Orli Arav, Head of Debt Funds at LHGP Asset Management.

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Orli Arav
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