Funding boost for telecom energy services in Africa

Details: Vaughan O'Grady; Category: Investment; 19 June 2026; 779 views

Communication & Renewable Energy Infrastructure (CREI), a telecom energy service and asset management company and part of global corporate group two33, has received a funding boost for the expansion of its renewable energy assets across Africa.

The Facility for Energy Inclusion (FEI), a debt fund conceived by the African Development Bank and managed by Cygnum Capital, which is an investment bank and asset manager, has, along with the Norwegian Investment Fund for developing countries (Norfund), closed a US$90 million long-term debt facility to CREI.

This financing refinances the US$55 million short-term bridge facilities provided by the lenders in 2024 and adds US$35 million of new capital to support CREI’s next phase of growth.

What this means in practice is that the facility will enable CREI to scale its energy-as-a-service model across Africa, providing mobile network operators with sustainable and energy-resilient infrastructure to improve service quality and expand network coverage. This facility is expected to increase over the next 12 months to further support CREI’s continued expansion.

In collaboration with ieng Group, the flagship engineering and network deployment arm of two33 – which specialises in telecom, renewable energy and critical infrastructure – the partners say that this investment is set to transform telecom energy infrastructure across CREI’s target countries. These include Mali, South Sudan and the Central African Republic where the deployment of modern renewable power assets is expected to increase the share of renewable energy in production to nearly 50%.

By bringing sustainable, reliable energy to some of Africa's most underserved markets, the partners say this financing marks a defining step toward a greener telecom industry – one that reduces its environmental footprint while delivering more efficient and dependable power to operators.

Ghada Ghotmeh, Chief Investment Officer of CREI Limited, explains: “Building on strong execution across our markets, we have transitioned from bridge financing to a scalable long-term capital structure that supports sustainable growth. By refinancing and expanding the facilities initially provided by FEI and Norfund, we are building on a trusted partnership and positioning CREI to continue investing in energy solutions that power connectivity and economic development across Africa.”

Birgit Edlefsen, Senior Vice President at Norfund, adds: "This second financing to the company, a long-term facility, marks a significant milestone, extending our reach beyond Mali to now include South Sudan and the Central African Republic. It reflects Norfund's commitment to bringing renewable energy and essential infrastructure to fragile states and challenging markets. By backing CREI, we aim to support economic growth, job creation and greater stability across the region.”

We reported in February that Finnfund, the Finnish development financier and impact investor, had made a follow-on investment in CREI to scale up sustainable telecom energy infrastructure in South Sudan.