Norfund is investing USD 30 million in Communication & Renewable Energy Infrastructure (“CREI”) to provide telecom towers with access to affordable and reliable energy in Mali, South Sudan and the Central African Republic.
Norfund invests in the company together with Facility for Energy Inclusion (“FEI”), a debt fund managed by Cygnum Capital, where Norfund is also one of the investors.
Read the joint press release from Cygnum Capital, CREI, two33 Group and Norfund here ->
“Affordable and reliable access to mobile connectivity is crucial for communication as a foundation for economic activity and security, and investments like these are essential contributions to development in countries facing challenging situations,”
Reza Mardanghom
Project Manager of the investment at Norfund
Norfund has previously invested in CREI’s solutions to provide renewable energy to telecom towers in Mali. The fund is now expanding its investment to include the company’s development of such solutions in South Sudan and the Central African Republic.
South Sudan, Central African Republic and Mali are all classified as “Least Developed Countries”. By the end of 2025, 35% of Norfund’s portfolio was in these markets.
Replacing expensive diesel with solar power
Mobile coverage requires a stable energy supply to the towers. This has been difficult to secure in the countries where CREI operates, often characterised by conflict, vast distances and a lack of infrastructure. Until now, much of the demand has been met by diesel generators, relying on expensive imported diesel, transported by trucks from neighbouring countries.
For the projects of Central African Republic, Mali and South Sudan, CREI is expected to modernize around 4,000 sites, and to provide half the total energy consumption with solar energy.
“By modernizing and managing our partners’ telecom sites with hybrid energy infrastructure, we are making renewables the primary source of power at these sites. The result is lower costs for our partners, greater energy security and improved network availability. Energy at the sites is now both greener and more efficient than previously, while power availability has increased.” says Ghada Ghotmeh, Chief Investment Officer of CREI Limited.