West African renewable vitality specialist ManoCap Power has secured $20m (€18.5m) from Mirova’s blended finance debt fund.
The funding from the Mirova Gigaton Fund will permit Ghana-based ManoCap Power to proceed constructing its industrial and industrial (C&I) scale photo voltaic enterprise in West Africa.
Constructing on its established presence in Ghana and Sierra Leone, ManoCap will broaden its operations into Nigeria, Ivory Coast, Guinea, Liberia and Togo.
The funding, the fourth by the Evolution II Fund Mirova Gigaton Fund since its inception in March 2023, will assist the event of photo voltaic and hybrid C&I initiatives, together with these within the telecom sector.
Tom Cairnes, CEO at ManoCap Power, mentioned: “We’re delighted to have closed funding from Mirova to allow the continued enlargement of our enterprise in West Africa. We have now seen fast development within the C&I sector within the area over the previous couple of years and this funding will permit us to satisfy the numerous short-term demand that exists from our pipeline of shoppers.
“Working with Mirova groups brings monetary and technical assist, with Mirova having a deep understanding of the alternatives and challenges within the sector. We look ahead to constructing a powerful enterprise collectively.”
John Kimotho, funding director at Mirova, mentioned: “We see Manocap Power as a key participant within the West Africa C&I area, and the complete Mirova Gigaton workforce is proud to associate with firm in its regional enlargement plans.
“This fourth Mirova Gigaton’s funding is completely consistent with the funds’ core technique which goals to scale up assist for high-impact clear vitality initiatives in rising markets. It is usually a vital milestone for us in our ongoing efforts to extend our influence in Sub-Saharan Africa the place the vitality wants are most acutely felt.”
Ismail-Claude Candolo, funding director and regional head West and Central Africa at Impressed Evolution, supervisor of the Evolution II Fund, mentioned: “We’re happy to have closed the $20m debt dedication.
“This facility will contribute to advancing clear vitality infrastructure funding throughout West Africa. This collaboration combines the in-depth sector expertise of the ManoCap Power workforce in deploying best-in-class clear vitality options with Mirova Gigaton’s specialist observe file in financing solar-as-a-service throughout Sub-Saharan Africa.”
To learn the most recent IPE Actual Belongings journal click on right here.
