French sustainable investment manager Mirova announced that its Mirova Gigaton Fund has committed USD 20 million (EUR 18.5m) in long-term debt financing to Ghana-based commercial and industrial (C&I) solar company ManoCap Energy. This funding aims to support ManoCap's expansion in West Africa.
The investment will enable ManoCap to consolidate its operations in Ghana and Sierra Leone and facilitate expansion into neighboring countries, including Nigeria, Ivory Coast, Guinea, Liberia, and Togo.
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ManoCap Energy focuses on replacing diesel generators with solar and battery storage hybrid projects for commercial and industrial clients. The company is backed by Evolution II Fund, which includes investors such as the African Development Bank, European Investment Bank, the Dutch Development Bank FMO, and the Finnish Fund for Industrial Cooperation.
“We have seen rapid growth in the C&I sector in the region over the last few years and this funding will allow us to meet the significant short-term demand that exists from our pipeline of customers,” said ManoCap Energy CEO Tom Cairnes.
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