Fortis Green Renewables Investment Management, an investment firm providing capital to small-scale renewable energy assets in Sub-Saharan Africa, has recently held the initial close in its Green Fund I.

The Fund is raising capital from American individuals, family offices, and wealth management firms.

The Fund raised $6m thus far and was aiming to raise $10m by end of August, according to Jonathan Shafer, Managing Director and Co-Founder.

Overall, the Fund is targeting $20m.

Green Fund I was formed to invest equity and equity-like capital in greenfield and operating  small-scale renewable energy assets located in Sub-Saharan Africa, with an initial focus on East Africa. Multiple power-producing technologies will be considered, but an initial focus will be placed on run-of-the-river hydropower operating and greenfield assets.

Shafer said that 600 million people in Africa still lack access to power, and it is largely a matter of woefully insufficient supply.

“There simply is nowhere near enough power relative to demand. We are excited to address this shortfall via responsible generation technologies

while also pioneering a way for American individuals and family offices to invest for both profit and impact in these types of green African infrastructure assets.”

Benito Grimaudo, Managing Director and Co-Founder, added: "Developers working on small-scale renewable energy assets in Africa can struggle to raise equity because most firms will not make investments under $10m. Also, very few firms investing equity are also interested in creating

tailored equity-like packages for their clients (i.e. mezzanine equity).”

“We have an opportunity to create something to help developers, while also increasing the supply of available power in Sub-Saharan Africa."

Fortis Green Renewables Investment Management invests in responsible power for Africa's future by providing flexible equity and equity-like capital to both greenfield and operating renewable energy assets.