BII Pledges USD 16 M to AGGFund to Expand Projects Across Africa

The British International Investment (BII) has announced a USD 16 M commitment to the Africa Go Green Fund (AGGF), managed by Cygnum Capital Asset Management. With this pledge, the fund has now raised over USD 166 M at its interim close, supporting financing for climate-friendly initiatives across the continent.

AGGFund focuses on projects such as purchasing high-efficiency appliances, retrofitting existing buildings, constructing new green buildings, scaling electric mobility infrastructure, and deploying battery storage solutions for residential, commercial, and industrial users. Since becoming operational in 2021, AGGF has financed several African clean energy platforms, including Solarise and Burn Manufacturing, to expand access to clean energy and cooking solutions.

Cygnum Capital Asset Management manages a family of Africa-focused credit funds with total assets under management (AUM) of approximately USD 600 M, including AGGF. Since commencing operations, Cygnum Capital Asset Management has executed over 100 investments across Africa in various sectors, including renewable energy and energy access. This commitment underscores BII’s support for sustainable economic growth through investments in renewable energy and environmentally friendly technologies across Africa.