Investment manager Fortis Green Renewables has confirmed an investment of USD 1.5m in Spark Energy Services (Spark), the innovative financing platform developed by Camco to support energy efficiency and captive generation initiatives in Sub-Saharan Africa’s commercial and industrial (C&I) sector.
The investment completes an almost USD 10m equity round for Spark and comes after Camco reported in September that it had secured almost USD 25m in debt and equity commitments for the platform.
Earlier commitments include USD 3m from UK government-funded FSD Africa Investments, USD 2.2m from Jaltech Fund Management and almost USD 3m from Camco. The European Investment Bank has committed USD 10 million in junior debt, with Symbiotics Investments committing USD 5 million in senior debt as part of a senior debt consortium expected to commit up to USD 30m.
Fortis Green’s commitment keeps Camco’s plans on track for a USD 50m close for Spark in the near term and a subsequent close of at least USD 100m within two years.
The funding will help Spark scale energy efficiency and captive generation solutions in Sub-Saharan Africa’s C&I sectors and deliver on its mission of helping businesses, particularly SMEs, to achieve their low carbon growth plans and increase their competitiveness on the international stage.
Adam Fitzwilliam, Director of Spark, said: “We are excited to announce the raising of additional equity into the Spark platform and we look forward to working with Jonathan, Benito and the experienced Fortis Green team to realise the vision of Spark.”