Mirova SunFunder lends USD 2.7m for C&I solar in Kenya

Paris-based impact investor Mirova on Wednesday said Mirova SunFunder has provided a USD-2.7-million (EUR-2.6m) loan to Distributed Power Africa (DPA) Kenya Ltd for the deployment of solar for commercial and industrial (C&I) customers in Kenya.

DPA, a business of Cassava Technologies, with French utility EDF (EPA:EDF) as its other main shareholder, expects that the loan will enable it to install 3 MW of solar panels.

Mirova acquired SunFunder earlier this year. Mirova SunFunder provides debt in the Kenyan market through its Solar Energy Transformation (SET) Fund1, which has been fully invested. The company said it is also working on plans for a new USD-500-million fund, to be called Mirova Gigaton Fund2, which will support renewable energy and climate solutions in SubSaharan Africa and other emerging markets.

(USD 1 = EUR 0.951)

Choose your newsletter by Renewables Now. Join for free!