Mirova in South African renewable energy deal
Mirova in South African renewable energy deal
Mirova’s Gigaton strategy has made a $15 million long-term debt investment in SolarAfrica.
** For the best experience, download the free Africa Private Equity News app Android | iOS **
Mirova’s Gigaton strategy has made a $15 million long-term debt investment in SolarAfrica, a renewable energy developer and independent power producer based in Centurion, South Africa.
This senior secured facility stands as Gigaton’s first investment in South Africa, and the strategy’s fifth investment to date.
Founded in 2011 with a vision to become South Africa’s leading renewable energy enabler, SolarAfrica combines energy solutions designed to reduce electricity costs, provide energy security and improve its customers’ carbon footprint. Starting as one of the only companies in South Africa specialising in power purchase agreements (PPAs), SolarAfrica has expanded its energy offering from on-site solar and battery solutions to virtual solutions such as wheeling and electricity trading. Each solution is tailored to empower commercial and industrial (C&I) businesses with clean, reliable energy solutions that ensure long-term sustainability.
Mirova’s Gigaton strategy aims to accelerate clean energy access and climate action in emerging markets. This investment will allow SolarAfrica to continue its C&I activities while expanding the scale of its utility-size projects.
"We are very excited to enter the South African market and to support SolarAfrica, a major and well-respected player, in its ongoing development. This investment is perfectly in line with our investment strategy dedicated to energy transition in emerging markets, using blended finance to help increase access to reliable and affordable energy in Africa," says Rim Azirar, deputy head of investments at Mirova.
Stay ahead in Africa's private equity and venture capital sector with Africa Private Equity News’ monthly Dealmaker’s Log.