By Kanika Singh
Mirova Gigaton Fund has committed $20 million in long-term debt financing to ManoCap Energy, a commercial and industrial (C&I) market leader backed by Evolution II Fund, focused on West Africa.
As a vertically integrated C&I independent power producer (IPP) operating in the region, ManoCap Energy will use this new funding to bolster its presence in Ghana and Sierra Leone and expand into neighboring countries. The investment will support the development of renewable energy solutions across West and sub-Saharan Africa.
This $20 million commitment, Mirova Gigaton Fund’s fourth investment since its March 2023 launch, will be directed towards solar and hybrid C&I projects, including telecom initiatives.
The funds will enable ManoCap Energy, based in Ghana, to advance its C&I solar business in West Africa. The company’s current focus on Ghana and Sierra Leone will be strengthened, with plans to expand into Nigeria, Ivory Coast, Guinea, Liberia, and Togo. ManoCap Energy specializes in replacing diesel generators with solar and battery storage hybrid systems for commercial and industrial clients, contributing to climate change mitigation and enhancing socio-economic development in low-income African countries through improved energy access and reduced digital divide.
Tom Cairnes, CEO of ManoCap Energy, expressed enthusiasm about the funding, noting the rapid growth in the C&I sector and the significant short-term demand. He highlighted the value of Mirova’s financial and technical support and the deep understanding Mirova brings to the sector’s opportunities and challenges.
John Kimotho, Investment Director at Mirova, emphasized the strategic alignment of this investment with Mirova Gigaton’s goal of supporting impactful clean energy projects in emerging markets and increasing their impact in Sub-Saharan Africa.
Ismail-Claude Candolo, Investment Director and Regional Head for West and Central Africa at Inspired Evolution, manager of the Evolution II Fund, also expressed satisfaction with the $20 million commitment, noting the collaboration’s potential to advance clean energy infrastructure in West Africa by leveraging ManoCap Energy’s sector expertise and Mirova Gigaton’s track record in solar-as-a-service financing.
