Mirova invests US$20 million in West African C&I solar developer

Facebook
Twitter
LinkedIn
Reddit
Email
“We have seen rapid growth in the C&I sector in the region over the last few years”, said ManoCap Energy’s CEO. Image: Steama Co.

French asset manager Mirova has invested US$20 million in ManoCap Energy, a West African independent power producer (IPP) specialising in commercial and industrial (C&I) energy systems.

The long-term debt financing will enable ManoCap to consolidate its business in Ghana and Sierra Leone, its “key markets”, and expand into neighbouring countries in Western and Sub-Saharan Africa including Nigeria, Ivory Coast, Guinea, Liberia and Togo.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

ManoCap specialises in replacing diesel generators with solar and solar-plus-storage hybrid projects for African C&I customers. It is backed by African energy investor Inspired Evolution’s Evolution II fund, which has benefitted from support from the African Development Bank and European Investment Bank, along with other private funders.

Tom Cairnes, CEO at ManoCap Energy, said: “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. Working with Mirova teams brings financial and technical support, with Mirova having a deep understanding of the opportunities and challenges in the sector. We look forward to building a strong business together.”

The financing was delivered through Mirova’s energy transition vehicle, the Mirova Gigaton Fund. Mirova is a sustainable investment affiliate of global investor Natixis Investment Manager, which currently has US$1.3 trillion of assets under management.

John Kimotho, investment director at Mirova, said: “We see Manocap Energy as a key player in the West Africa C&I space. This fourth Mirova Gigaton’s investment is perfectly in line with the funds’ core strategy which aims to scale up support for high-impact clean energy projects in emerging markets. It is also a crucial milestone for us in our ongoing efforts to increase our impact in Sub-Saharan Africa where the energy needs are most acutely felt.”

Earlier this year, we published a feature on the emerging trends in the African solar market (Premium access). Chief among them was a “tsunami” of investment into the C&I sector; the African Solar Industries Association (AFSIA) said that 65% of the total new solar capacity added in Africa in 2023 was in the C&I market.

Much of this was in South Africa, as the country represents by far the largest share of the continent’s total solar capacity. In addition, South Africa’s “load-shedding” grid reliability crisis has driven many businesses to adopt solar.

Beyond this, though, C&I projects represent a more flexible and faster investment option than utility-scale projects, which often rely on government approval and take longer.

25 November 2025
Warsaw, Poland
Large Scale Solar Central and Eastern Europe continues to be the place to leverage a network that has been made over more than 10 years, to build critical partnerships to develop solar projects throughout the region.

Read Next

July 31, 2025
Lithuanian government-owned utility and renewables developer Ignitis Group has completed its first 94MW solar project in Latvia.
July 31, 2025
US solar module manufacturer SEG Solar has shipped its first order of utility-scale solar modules from its Texas production facility.
July 30, 2025
US solar tracker manufacturer Nextracker recorded revenues of US$864 million and a gross margin of 32.6% in the quarter ending June 27, 2025.
July 30, 2025
The Government of Kyrgyzstan has signed two investment deals with Vietnamese firms Rox Energy Global and RECA LLC for the development of a 1.9GW solar project.
July 29, 2025
US renewables developer Savion, a subsidiary of global oil giant Shell, has formed a new company to take ownership of its solar projects after development.
July 28, 2025
Spanish energy firm Zelestra and Portuguese utility EDP have signed what they call the “first” solar-plus-storage power purchase agreement (PPA) in the Spanish renewables market.

Subscribe to Newsletter

Upcoming Events

Media Partners, Solar Media Events
September 2, 2025
Mexico City, Mexico
Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK