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

July 30, 2024
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“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.

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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.

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