Mirova Gigaton Fund Mobilizes $282 Million for Global Clean Energy Drive

The Mirova Gigaton Fund is set to spearhead the energy transition in Africa, Latin America, the Middle East, and Asia by deploying private debt financing across various clean energy sectors. Focused on solar power applications for homes, agriculture, telecommunications, industry, mini-grids, and electric vehicles, the fund aims to enhance access to reliable and affordable energy while concurrently reducing dependence on fossil fuels. Having already secured $282 million, with a significant commitment of $75 million from the European Investment Bank (EIB), the Mirova Gigaton Fund is poised to elevate support for impactful clean energy projects. Ryan Levinson, Director of the fund, underscores the objective of expediting the transition to a low-carbon economy and improving energy accessibility in emerging markets. Raphaël Lance, Head of Energy Transition Funds at Mirova, emphasizes the fund’s global ambition in addressing sustainable finance challenges. Ambroise Fayolle, Vice-President of EIB, highlights the crucial role of investing in clean energy to build resilience and foster a sustainable future. The fund's mission extends to decarbonizing global economies and accelerating the clean energy transition, particularly in regions with limited energy access, such as Africa and developing Asia. Noteworthy projects supported by the fund include SunCulture, Solar Panda, and Energy Vision. Andy Keith, CEO of Solar Panda, comments, “The investment from the Mirova Gigaton Fund will enable us and other innovative projects to enhance the lives of countless individuals across the African continent and beyond, where access to reliable and clean electricity remains a challenge for many.” Furthermore, the Mirova Gigaton Fund aligns with the G7-founded initiative 2X Challenge to empower female entrepreneurs in emerging markets. By targeting and strengthening access to finance for women, the fund aims to bolster women’s access to clean energy and support their entrepreneurial endeavors.