ImpactAlpha, June 21 — Paris-based Mirova, a $27 billion unit of French global asset management firm Natixis Investment Managers, is acquiring SunFunder to expand into clean energy in emerging markets.
Nairobi-based SunFunder was launched a decade ago as a crowdfunding platform to finance solar energy in Africa. Through its blended-finance funds, it has since invested more than $165 million in 58 companies deploying distributed clean energy solutions mainly in Africa and Asia.
The combined entity will create a $500 million energy debt fund to invest in about 70 solar projects in Africa, Asia and Latin America.
Mirova, a certified B Corp, aims to build a clean energy portfolio in emerging markets.
“In order to thoroughly address the challenges that come with the fight against global warming and social inequalities, having a local presence in emerging markets is critical,” said Mirova’s Philippe Zaouati.
With SunFunder, “we will pursue our efforts to meet the needs of the real economy and increase the impact of our investments.”
SunFunder says it has helped improve access to clean energy for more than 10 million people, mainly in Southeast Asia and East and West Africa.
When the transaction is complete, Mirova will own 100% of SunFunder. Mirova will retain the existing SunFunder team of 38 people, 55% of whom are women and 45% of whom are African.