As part of the efforts to boost renewable energy initiatives in West Africa, the Mirova Gigaton Fund has committed $20 million in long-term debt financing to ManoCap Energy, a commercial and Industrial (C&I) solar energy provider.
This investment marks the fund’s fourth since its launch in March 2023 and underscores growing investor confidence in Africa’s green energy sector.
The Chief Executive Officer of ManoCap Energy, Tom Cairnes expressed enthusiasm about the deal and how it will help the company.
“We are delighted to have closed funding from Mirova to enable the continue expansion of our business in West Africa” he said
Cairnes highlighted the rapid growth in the C&I sector over the recent years and emphasized that the new funding would allow the company to meet significant short-term demand from its customer pipeline.
John Kimotho , Investment Director at Mirova, described ManoCap Energy as the key player in the West Africa C&I space. He added that the investment aligns perfectly with Mirova Gigaton Fund’s care strategy of scaling up support for the high-impact clean energy projects in emerging markets.
Ismail- Claude Candolo, Investment Director and Regional Head West and Central Africa at inspired Evolution, the manager of the Evolution ll fund, welcomed the debt commitment and the potential of the collaboration.
The Investment comes at a crucial time for West Africa’s Energy sector. The funding will enable ManoCap Energy to consolidate its operations in Ghana and Sierra Leone while facilitating expansion into neighbouring countries such as Nigeria, Ivory Coast, Guinea, Liberia and Togo.