Norfund Invests in CREI for Mali Mobile Solar Power
Deal News | Apr 25, 2025 | Norfund
Norfund, a Norwegian private equity firm, is making a significant investment of 166 million NOK in the company CREI to provide stable solar energy to 2876 mobile towers in Mali. This initiative will improve mobile coverage, which is essential for communication and business activities, especially in developing countries like Mali that have been affected by armed conflict. The renewable energy solution involves the use of solar panels combined with batteries, with diesel serving as a backup, to ensure a consistent power supply to mobile towers. This project marks CREI's largest venture and is part of Norfund's commitment to enhancing economic resilience and infrastructure in fragile states. With the investment, Norfund aims to foster economic growth, job creation, and stability in the region while contributing to Mali's digital transformation. CREI's CEO, Kadri El Hakim, and Cygnum Capital's CEO, Thibault Neveu, emphasize the project's significance in providing cleaner and more reliable power solutions in the telecom sector.
Sectors
- Renewable Energy
- Telecommunications
- Private Equity
Geography
- Mali – The investment and the development of mobile towers are taking place in Mali.
- Norway – Norfund, the private equity firm making the investment, is based in Norway.
Industry
- Renewable Energy – The article discusses an investment in solar energy solutions for mobile towers, highlighting the focus on renewable energy sources.
- Telecommunications – The investment aims to improve mobile coverage in Mali, underlining the role of telecommunications in economic development.
- Private Equity – The article involves Norfund, a private equity firm, which is funding the project, making it relevant to the private equity industry.
Financials
- 166 million NOK – The amount Norfund is investing in CREI to provide solar energy to mobile towers in Mali.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Norfund | Investing Company | Company | A Norwegian private equity firm investing in renewable energy for mobile towers in Mali. |
| CREI | Target Company | Company | The company receiving investment from Norfund to provide stable solar energy to mobile towers in Mali. |
| Kadri El Hakim | CEO at CREI | Person | The CEO of CREI, involved in the project to improve mobile tower energy supply in Mali. |
| Thibault Neveu | Co-founder of FEI & CEO of Cygnum Capital | Person | Co-founder of the FEI fund and CEO of the fund manager Cygnum Capital, commenting on the project. |
| FEI Fund | Fund | Company | A fund associated with the development of renewable energy solutions in the telecom sector. |
| Cygnum Capital | Fund Manager | Company | The fund manager associated with the FEI Fund and involved in the investment. |