Mirova acquires SunFunder
Investment manager Mirova has announced the acquisition of SunFunder, a specialist in emerging market clean energy and climate investment.
Founded 10 years ago as a crowdfunding platform, SunFunder’s main objective was to offer financing solutions for the decentralised solar energy sector in Africa. Since then, the company has launched a series of blended finance investment vehicles and closed over $165 million in investments across 58 companies deploying clean energy mainly in Africa and Asia, such as off-grid solar home systems in Malawi, village mini-grid projects in Kenya, and commercial and industrial rooftop installations in Nigeria and Thailand.
”We are delighted that SunFunder’s teams, with their proven experience and expertise, are joining us,” said Philippe Zaouati, CEO of Mirova. “Together, we will pursue our efforts to meet the needs of the real economy and increase the impact of our investments.”
Audrey Desiderato and Ryan Levinson, co-founders of SunFunder added, “We couldn’t imagine a better partner to join forces with than Mirova, a company with a mission and strong culture of impact that we share. We’ve heard a lot of talk about ESG investment, but there are very few companies like Mirova and SunFunder leading the pack with 100% truly sustainable investments. Together we become the leading clean energy and climate investor in emerging markets, through bold new investments with real impact.”
Following the completion of the transaction, Mirova will own 100% of SunFunder, whose teams and expertise will strengthen its local investment and execution capabilities for its private assets strategies. Mirova is thus developing an emerging markets investment platform, in which the Singapore office created in 2021 will be integrated.
Mirova and SunFunder’s first objective is to launch a solar energy debt financing fund, with an investment capacity of $500 million through about 70 projects spread over Africa, Asia and Latin America. The first closing could take place by the end of the year.