- Paris-based impact investor Mirova acquires SunFunder.
SunFunder, a private debt management firm that finances renewable energy projects in Africa and Asia, has been acquired by Mirova, a Paris-based impact investor. The firm plans to expand into emerging markets and real assets.
According to the announcement by Mirova, SunFunder was set up as a crowdfunding platform ten years ago, focusing on offering financing solutions for the decentralised solar sector in Africa. Since then, it became involved in the blended finance space, closing over USD 165 million (EUR 156.5m) in investments and supporting projects such as off-grid solar home systems in Malawi, village mini-grids in Kenya, and commercial and industrial rooftop installations in Nigeria and Thailand.
Mirova will retain SunFunder’s entire team, based mainly in Nairobi, Paris and London, it said. Financial details of the acquisition were not disclosed.
Upon acquisition, Mirova plans to launch a solar energy debt financing fund with an investment capacity of USD 500 million through around 70 projects spanning Africa, Asia and Latin America. The first closing could occur by the end of the year.