Mirova Partners with SolarAfrica in South African Renewable Energy Sector

French sustainable investment manager Mirova has recently announced a USD-15-million (EUR 13.6m) investment in long-term debt financing for SolarAfrica, a South African company providing clean energy solutions to commercial and industrial (C&I) customers.

The investment, the first in South Africa for Mirova’s Gigaton strategy, will enable SolarAfrica to continue its C&I operations while expanding the scale of its utility-size projects, the French company said.

SolarAfrica has delivered and financed more than 204 projects. It has expanded its activities from on-site solar and battery solutions to virtual offerings such as wheeling and electricity trading. In 2023, the company merged with Starsight Energy, growing its footprint to cover Eastern, Southern and Western Africa.

“We are very excited to enter the South African market and to support SolarAfrica, a major and well-respected player, in its ongoing development. 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,” said Rim Azirar, deputy head of investments at Mirova.

Mumbai, India-based TSW Capital Services Private Ltd acted as transaction advisors to the financing.