The new company will provide clean energy services to mobile phone telecommunications tower across Africa.
- The company has signed its first contract and will provide 900 solar PV and energy storage systems across sites in 3 countries.
- The company will receive insurance support from the World Bank’s Multilateral Investment Guarantee Agency (MIGA).
An investment consultancy firm, Inspired Evolution alongside the Norwegian government’s private equity firm Norfund and French telecommunications company Sagemcom have raised $35 million to finance and launch Escotel, a new company that will provide telecom towers across Africa with clean energy services.
Of the initial $35 million raised, Inspired Evolution will provide $20 million through its Evolution II fund, Norfund will provide $10 million, and $5 million will be provided by Sagemcom. Escotel will be based in Mauritius and will provide decentralised clean energy services for operators of telecommunication towers across the continent.
Escotel will execute its first contract with French telecom provider Orange S.A subsidiary. Under the terms of the contract, Escotel will supply, install, operate and maintain decentralised solar energy and hybrid storage systems for about 900 telecommunications towers in Sierra Leone, Liberia and, later, the Democratic Republic of Congo (DRC).
Escotel will receive support from the World Bank’s Multilateral Investment Guarantee Agency (MIGA). This insurance covers the risk of transfer restrictions and inconvertibility, war and civil unrest, and expropriation for an initial period of up to 10 years according to Inspire Evolution.
Inspired Evolution has stated that the 900 solar PV systems to be installed by Escotel will decrease carbon emissions by more than 6,240 tonnes annually in Sierra Leone, and 10,092 tonnes in Liberia.