Mirova Gigaton Fund provides $20m debt funding to West Africa's ManoCap Energy
ManoCap Energy is a vertically integrated commercial & industrial IPP operating in West Africa.
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The Mirova Gigaton Fund committed $20 million in long term debt financing to ManoCap Energy, an Evolution II Fund-backed commercial & industrial (C&I) market player in West Africa.
ManoCap Energy is a vertically integrated C&I IPP operating in West Africa. This additional debt funding will enable ManoCap to expand its business in its key markets in Ghana and Sierra Leone and into neighbouring countries while contributing to the development of renewable energy solutions in West and sub-Saharan Africa.
This funding, Mirova Gigaton Fund’s fourth investment since its launch in March 2023, will be allocated into solar and hybrid C&I projects, including telecom projects.
"We are delighted to have closed funding from Mirova to enable the continued expansion of our business in West Africa. We have seen rapid growth in the C&I sector in the region over the last few years and this funding will allow us to meet the significant short-term demand that exists from our pipeline of customers. Working with Mirova teams brings financial and technical support, with Mirova having a deep understanding of the opportunities and challenges in the sector. We look forward to building a strong business together," says Tom Cairnes, CEO of ManoCap Energy.
"We see Manocap Energy as a key player in the West Africa C&I space, and the entire Mirova Gigaton team is proud to partner with the company in its regional expansion plans. This fourth Mirova Gigaton’s investment is perfectly in line with the fund’s core strategy which aims to scale up support for high-impact clean energy projects in emerging markets. It is also a crucial milestone for us in our ongoing efforts to increase our impact in sub-Saharan Africa where the energy needs are most acutely felt," says John Kimotho, investment director at Mirova.
"We are pleased to have closed the $20 million debt commitment. This facility will contribute to advancing clean energy infrastructure investment across West Africa. This collaboration combines the in-depth sector experience of the ManoCap Energy team in deploying best-in-class clean energy solutions with Mirova Gigaton’s specialist track record in financing solar-as-a-service across sub-Saharan Africa," says Ismail-Claude Candolo, investment director and regional head for West and Central Africa at Inspired Evolution, manager of the Evolution II Fund.
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