Yemisi Izuora
Communication & Renewable Energy Infrastructure (CREI), a company specializing in energy solutions for telecom infrastructure, has secured $90 million in financing from asset manager Cygnum Capital and Norwegian development finance institution Norfund, the two organizations have announced.
The transaction, structured through the Facility for Energy Inclusion (FEI) fund, reflects growing investment in clean energy infrastructure as African telecommunications companies seek to reduce energy costs and lower their carbon footprint.
The long-term credit facility will support the deployment of renewable energy assets powering mobile networks in Mali, the Central African Republic, South Sudan, and other African countries.
Of the total amount, $55 million will be used to refinance bridge loans secured in 2024, while the remaining $35 million represents new capital intended to support the company’s growth and expansion.
The CREI operates an Energy as a Service (EaaS) model under which it finances, owns, and operates the energy systems that power telecom infrastructure.
According to the company, the investment is expected to double the share of renewable energy in the power generation mix of the assets covered by the project.
“This investment is set to transform telecom energy infrastructure across CREI’s target countries — deploying modern renewable power assets that are expected to increase the share of renewable energy in production to nearly 50%,” Cygnum Capital said in a statement.
The financing comes as many African telecom operators seek to reduce their reliance on diesel-powered energy systems. According to CrossBoundary Access, around 70% of the continent’s 500,000 telecom towers still depend on diesel fuel. Beyond its cost, diesel exposes operators to international price volatility, supply disruptions, and logistical challenges associated with transporting fuel to sites that are often located in remote areas.
Hybrid solutions that combine solar power with energy storage can help reduce that dependence while improving the reliability of power supply for telecom installations. They also reduce fuel consumption and lower long-term operating costs. In this context, Energy as a Service providers such as CREI finance and operate energy equipment on behalf of telecom operators, enabling them to adopt these technologies without bearing the upfront capital costs. According to CrossBoundary Access, this model can generate savings of between 20% and 40% compared with solutions that rely primarily on fossil fuels.