DFC makes climate commitments & African Mobile Networks receives $20mn from BOSAF, Finnfund

Telecom provider African Mobile Networks is set to benefit from a USD 20mn investment from BlueOrchard Sustainable Assets Fund (BOSAF) and Finnfund’s OP Finnfund Global Impact Fund I.

AMN is a group of companies that builds, owns, operates and maintains mobile network infrastructure. Notably, it focuses on rural communities that are not served by conventional telecom tower companies because of the costs associated with erecting mobile towers.

Conventional telecom tower companies are unable to serve the rural population economically due to the significant costs of erecting mobile towers in a rural context. AMN addresses this problem with an ultra-compact base station which delivers GSM voice, SMS and data service, serving most villages with a single tower. This ultra-low capex and opex is the reason why AMN can build and operate base stations profitably where others using conventional technology and processes cannot,” said Ashwin West, Head of Sustainable Infrastructure Investments at BlueOrchard.

Development Finance Corporation makes climate-linked investments

Development Finance Corporation has announced a series of commitments in emerging markets, two of which are in Africa. The DFI will make a direct investment of almost USD 25mn in Golomoti Solar to finance a 20 MW solar plant and a 5MW/ 10 megawatt-hours battery energy storage system in Malawi’s Dedza district.

Meanwhile, in Egypt, it plans to invest USD 50mn in a green note purchase by Virtuo Finance to on-lend to six solar projects. The green note also brings in institutional investors.