Mirova Gigaton Fund Leads Clean Energy Finance Initiative Across Emerging Markets, Focusing on Solar Power

The Mirova Gigaton Fund is poised to drive energy transition across Africa, Latin America, the Middle East, and Asia through private debt financing for various clean energy sectors. With a focus on solar power for homes, agriculture, telecommunications, industry, mini-grids, and electric vehicles, the fund aims to increase access to reliable and affordable energy while reducing reliance on fossil fuels.

Already securing USD 282 million, including a USD 75 million commitment from the European Investment Bank (EIB), the Mirova Gigaton Fund seeks to scale up support for high-impact clean energy projects. Ryan Levinson, Director of the fund, highlights the goal of accelerating the transition to a low-carbon economy and improving energy access in emerging markets.

Raphaël Lance, Head of Energy Transition Funds at Mirova, emphasizes the fund’s ambition to address sustainable finance challenges globally. Ambroise Fayolle, Vice-President of EIB, underscores the importance of investing in clean energy to build resilience and foster a sustainable future.

The Mirova Gigaton Fund will contribute to decarbonizing global economies and accelerating the clean energy transition in regions with limited energy access, such as Africa and developing Asia. Notable projects supported by the fund include SunCulture, Solar Panda, and Energy Vision.

Andy Keith, CEO of Solar Panda, expressed, “At Solar Panda, our mission is rooted in the Swahili phrase ‘Boresha Maisha,’ meaning ‘improving lives.’ 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.”

Moreover, the fund aims to empower female entrepreneurs in emerging markets through the G7-founded initiative 2X Challenge. By targeting and strengthening access to finance for women, the fund strives to enhance women’s access to clean energy and support their entrepreneurial success.

Overall, the Mirova Gigaton Fund demonstrates a commitment to driving positive social, economic, and environmental impact through clean energy financing in emerging markets