Mirova acquires renewables financier SunFunder

June 20 (Renewables Now) - Paris-based impact investor Mirova announced on Monday that it has acquired SunFunder, a private debt management firm that finances renewable energy projects in Africa and Asia, to expand into emerging markets and real assets.

SunFunder was set up as a crowdfunding platform ten years ago, with a focus on offering financing solutions for the decentralised solar sector in Africa. Since then, it became involved in the blended finance space, closing over USD 165 million (EUR 156.5m) in investments and supporting projects such as off-grid solar home systems in Malawi, village mini-grids in Kenya, and commercial and industrial rooftop installations in Nigeria and Thailand, according to the announcement.

Mirova will retain SunFunder’s entire team, based mainly in Nairobi, Paris and London, it said. Financial details of the acquisition were not disclosed.

The first objective for Mirova and SunFunder will be to launch a solar energy debt financing fund, with an investment capacity of USD 500 million through around 70 projects spanning Africa, Asia and Latin America. The first closing could occur by the end of the year, said Mirova.

“In order to thoroughly address the challenges that come with the fight against global warming and social inequalities, having a local presence in emerging countries is critical. We are delighted that SunFunder's teams, with their proven experience and expertise, are joining us. Together, we will pursue our efforts to meet the needs of the real economy and increase the impact of our investments,” Mirova CEO Philippe Zaouati commented.

Click here to view the original article.

Disclaimer
The information on this page may have been provided by a contributor to ChinaGoAbroad, and ChinaGoAbroad makes no guarantees about the accuracy of any content. All content shall be used for informational purposes only. Contributors must obtain all necessary licenses and/or ownership rights from the relevant content owner(s) before submitting such content (including texts, pictures, photos and diagrams) to ChinaGoAbroad for publication. ChinaGoAbroad disclaims all liability arising from the publication of any content/information (such as texts, pictures, photos and diagrams that infringe on any copyright) received from contributors. Links may direct to third party sites out of the control of ChinaGoAbroad, and such links shall not be considered an endorsement by ChinaGoAbroad of any information contained on such third party sites. Please refer to our Disclaimer for more details.
Top