France’s Mirova commits $20mn to boost solar expansion in West Africa

Mirova, a French sustainable asset manager, has committed $20mn through its Mirova Gigaton Fund to support the expansion of Ghana-based commercial and industrial (C&I) solar company ManoCap Energy in West Africa. 

The long-term debt financing will enable ManoCap to reinforce its presence in Ghana and Sierra Leone while facilitating expansion into neighbouring countries such as Nigeria, Ivory Coast, Guinea, Liberia, and Togo. 

ManoCap Energy specialises in substituting diesel generators with solar and battery systems for businesses, as an eco-friendly and cost-effective solution to reduce carbon emissions. With financial backing from Mirova, ManoCap plans to enhance its infrastructure and address the growing demand for renewable energy in West Africa's commercial and industrial sectors.

“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,” Tom Cairnes, the CEO of ManoCap Energy, said in a press release.

“Working with Mirova teams brings financial and technical support, with Mirova having a deep understanding of the opportunities and challenges in the sector. We look forward to building a strong business together.”

ManoCap is also backed by the Evolution II Fund, which includes investors such as the African Development Bank, the European Investment Bank, the Dutch Development Bank FMO, and the Finnish Fund for Industrial Cooperation.