- Mirova invested $20 million in ManoCap Energy to strengthen its operations in Ghana and Sierra Leone and expand into neighbouring West African countries.
- The Mirova Gigaton Fund funding supports ManoCap’s projects that replace diesel generators with solar and hybrid systems.
- The investment aligns with Mirova’s strategy to support high-impact clean energy projects and addresses growing energy demands in Sub-Saharan Africa.
French asset manager Mirova has invested $20 million in ManoCap Energy, a leading West African independent power producer (IPP) specialising in commercial and industrial (C&I) energy systems.
This long-term debt financing strengthens ManoCap’s operations in Ghana and Sierra Leone and enables expansion into Nigeria, Ivory Coast, Guinea, Liberia, and Togo. ManoCap replaces diesel generators with solar and solar-plus-storage hybrid systems for African C&I customers.
African energy investor Inspired Evolution’s Evolution II fund backs ManoCap. The African Development Bank, the European Investment Bank, and other private funders support the fund. Mirova’s new funding supports ManoCap’s expansion and helps meet growing energy demand.
Tom Cairnes, CEO of ManoCap Energy, expressed optimism about the investment. “This funding will enable us to meet the significant short-term demand from our pipeline of customers,” he said. “Working with Mirova brings financial and technical support. We look forward to building a strong business together.”
Mirova’s energy transition vehicle, the Mirova Gigaton Fund, delivered the financing. Mirova, a sustainable investment affiliate of global investor Natixis Investment Manager, manages $1.3 trillion in assets.
John Kimotho, investment director at Mirova, highlighted ManoCap’s role in the West African C&I energy space. “This investment aligns with our strategy to support high-impact clean energy projects in emerging markets,” he said. “It marks a crucial milestone for our efforts to increase our impact in Sub-Saharan Africa, where energy needs are most acutely felt.”
The African solar market has seen a surge in investments, particularly in the C&I sector. The African Solar Industries Association (AFSIA) reported that 65% of the new solar capacity added in Africa in 2023 came from the C&I market. South Africa has driven much of this growth with its grid reliability issues.
C&I projects offer flexibility and faster investment returns than utility-scale projects, often facing government approval delays. Mirova’s investment allows ManoCap to capitalise on this trend and expand its solar and hybrid projects across West Africa.
ManoCap’s projects aim to reduce reliance on diesel generators and promote cleaner energy solutions. The company’s focus on solar and solar-plus-storage systems addresses the energy needs of businesses in the region. With Mirova’s support, ManoCap can significantly influence West Africa’s transition to sustainable energy.
The partnership between ManoCap and Mirova represents a strategic move to address energy challenges in the region. By providing financial and technical support, Mirova helps ManoCap scale its operations and meet the growing demand for clean energy solutions.
As ManoCap expands its footprint, it will contribute to reducing carbon emissions and promoting sustainable development in West Africa. Mirova’s investment allows ManoCap to implement more projects that benefit businesses and communities across the region.
In conclusion, Mirova’s $20 million investment in ManoCap Energy marks a significant step towards expanding clean energy solutions in West Africa. With a focus on solar and hybrid systems, ManoCap meets the energy needs of C&I customers and promotes sustainable development in the region.