Mirova, a France-based global sustainable investment and asset management group, has invested $15m in SolarAfrica, a renewable energy enabler and independent power producer, making its first first investment in South Africa.

Rim Azirar, Deputy Head of Investments at Mirova, said: “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.”

The investment forms part of Mirova's strategy to stimulate access to clean energy and promote climate action in emerging market countries.

For Mirova, this is another milestone in expanding their provision of debt facilities in the African market through their investment strategy dedicated to accelerating energy transition across emerging countries.

The investment will finance the construction of SolarAfrica’s pipeline of Commercial & Industrial (C&I) projects which will promote increased access to renewable energy solutions that are much needed on the continent. 

Charl Alheit, Chief Investment Officer at SolarAfrica, said: “This investment is the beginning of a partnership that embodies both companies’ commitment to promoting growth in the local renewable energy market while making long-term sustainability a reality for more businesses.” 

“The transaction serves as one of several successful strategic funding initiatives our team has secured to support our vision of becoming the leading renewable energy company in South Africa.”

TSW Capital Services Private, a specialist financial advisory firm headquartered in Mumbai, India, acted as transaction advisors to this financing.

Manish Jain, CEO at TSW Capital, said: “We are incredibly proud to be associated with this transaction. It is a testament to our cross-border transaction execution capabilities. At TSW Capital, renewable energy and energy efficiency are key focus areas for capital raising in Africa & Asia. We remain bullish on the appetite of institutional capital for these sectors from international investors and lenders across the globe.”