Mirova provides USD 20m to C&I solar player in West Africa

French sustainable investment manager Mirova on Tuesday said the Mirova Gigaton Fund has committed USD 20 million (EUR 18.5m) in long-term debt financing to Ghana-based commercial and industrial (C&I) solar company ManoCap Energy to support its expansion in West Africa.

The funds will help ManoCap consolidate its business in its current markets -- Ghana and Sierra Leone -- and facilitate expansion into neighbouring countries like Nigeria, Ivory Coast, Guinea, Liberia and Togo.

ManoCap specialises in the replacement of diesel generators via the installation of solar and battery storage hybrid projects for commercial and industrial clients. The company is backed by Evolution II Fund, whose investors include the African Development Bank, European Investment Bank, the Dutch Development Bank FMO, the Finnish Fund for Industrial Cooperation, and many others.

“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,” said ManoCap Energy CEO Tom Cairnes.

(USD 1 = EUR 0.924)

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