West African renewable-energy specialist ManoCap Energy has secured $20m (€18.5m) from Mirova’s blended-finance debt fund.
The investment from the Mirova Gigaton Fund will allow Ghana-based ManoCap Energy to continue building its commercial and industrial (C&I) scale solar business in West Africa.
Building on its established presence in Ghana and Sierra Leone, ManoCap will expand its operations into Nigeria, Ivory Coast, Guinea, Liberia and Togo.
The investment, the fourth by the Evolution II Fund Mirova Gigaton Fund since its inception in March 2023, will support the development of solar and hybrid C&I projects, including those in the telecom sector.
Tom Cairnes, CEO at ManoCap Energy, said: “We are delighted to have closed funding from Mirova to enable the continued expansion of our business in West Africa. 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.
“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.”
John Kimotho, investment director at Mirova, said: “We see Manocap Energy as a key player in the West Africa C&I space, and the entire Mirova Gigaton team is proud to partner with the company in its regional expansion plans.
“This fourth Mirova Gigaton’s investment is perfectly in line with the funds’ core strategy which aims to scale up support for high-impact clean-energy projects in emerging markets. It is also a crucial milestone for us in our ongoing efforts to increase our impact in Sub-Saharan Africa where the energy needs are most acutely felt.”
Ismail-Claude Candolo, investment director and regional head West and Central Africa at Inspired Evolution, manager of the Evolution II Fund, said: “We are pleased to have closed the $20m debt commitment.
“This facility will contribute to advancing clean-energy infrastructure investment across West Africa. This collaboration combines the in-depth sector experience of the ManoCap Energy team in deploying best-in-class clean-energy solutions with Mirova Gigaton’s specialist track record in financing solar-as-a-service across Sub-Saharan Africa.”
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