Global asset management company Mirova has made its first investment in South Africa by providing $15 million in long-term debt financing to renewable energy developer SolarAfrica. This deal represents Mirova’s fifth investment overall under the Gigaton strategy – an initiative to accelerate clean energy access and climate action in emerging markets through targeted investments.
The senior secured facility will enable SolarAfrica to continue its commercial and industrial renewable energy projects while also expanding its utility-scale initiatives.
“The transaction serves as one of several successful strategic funding initiatives our team has secured to support our vision of becoming the leading renewable energy company in South Africa,” said Charl Alheit, Chief Investment Officer at SolarAfrica.
Deputy Head of Investments at Mirova, Rim Azirar added, “This investment is perfectly in line with our investment strategy dedicated to energy transition in emerging markets, using blended finance to help increase access to reliable and affordable energy in Africa.”
