Mirova announces its acquisition of SunFunder

“This is an important step for our subsidiary Mirova, which is part of our 2024 strategy, and contributes to strengthening Natixis IM’s private and alternative asset offering,” said Tim Ryan, CEO of Natixis IM.

Merova has acquired SunFunder, a private debt management firm that funds renewable energy projects in Africa and Asia, to expand its investments in emerging markets. This is a major step in Mirova’s development strategy, of which the financing of environmental and energy transformation is one of the main objectives, in Real Assets.

Founded 10 years ago as a crowdfunding platform, SunFunder’s goal was to provide financing solutions for the development of decentralized solar energy in Africa, in order to have a direct impact on climate change and inequality. Since then, the company has launched a series of innovative blended finance investment vehicles and raised more than $165 million in investments in 58 companies that spread clean energy primarily in Africa and Asia. These projects include off-grid solar home systems in Malawi, micro-grid projects in Kenya, and commercial and industrial rooftop facilities in Nigeria and Thailand. SunFunder has helped improve access to solar energy for more than ten million people, mainly in East and West Africa, before expanding its reach to other emerging markets, particularly in Southeast Asia.

The entire SunFunder team will continue to work towards the energy transition through construction, with Mirova, the emerging market platform dedicated to clean energy and investments in the fight against climate change. SunFunder has an experienced and versatile team of 38 people from 16 different nationalities, 55% of whom are women and 45% from African countries, headquartered in Nairobi, Paris and London.

SunFunder’s goals are fully aligned with those of Mirova, which aims to become a global leader in financing the energy transition. SunFunder enhances Mirova’s suite of impact investing solutions by adding debt financing expertise and in-depth knowledge of emerging markets. Merova – a leading impact investment company in Europe with its energy transformation infrastructure investment strategies, private equity, social impact investing and listed equity – thus giving a boost to its commitments in emerging countries, where it already exists.

“In order to meet the challenges of combating global warming and social inequalities, it is essential to have a local presence in emerging countries. We are delighted to have the SunFunder teams, whose expertise and experience have been recognized with us. Together we will continue our efforts to meet the needs of the economy,” said Philip Zawati, CEO of Mirova. realization and increase the impact of our investments.

“We can’t imagine a better partner than Mirova, whose vision and culture we share. We often hear about investing in ESG, but very few companies like Mirova and SunFunder are leading the way with 100% sustainable investment. Together, we will become the leading investor in clean energy. and climate in emerging markets, through bold new investments,” added Audrey Desedetto and Ryan Levinson, founders of SunFunder.

“This is an important step for our subsidiary Mirova, which is part of our 2024 strategy, and contributes to strengthening the offering of private and alternative assets for Natixis investment managers. Tim Ryan, CEO of Natixis Investment Managers, commented that our clients around the world, who are looking for diversification and sourcing sustainable returns, they will now have easier access to impact investing in emerging markets.

Mirova acquired 100% of SunFunder on June 3, 2022. Its teams and expertise will enhance its local investment and execution capabilities of private asset strategies. Thus, Merova is developing an emerging market investment platform, where the established Singapore office will be integrated in 2021.

Mirova and SunFunder’s first objective is to launch a solar energy fund, with an investment capacity of up to $500 million through nearly 70 projects spread across Africa, Asia and Latin America. The first funds could be raised by the end of the year.

Mirova and its subsidiaries manage €27 billion in assets as of March 31, 2022, including €2.2 billion in energy conversion infrastructure and €500 million in natural capital.

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