ImpactAlpha, March 15 – Mirova SunFunder is aiming to raise $500 million for its Gigaton Empowerment Fund to make debt investments in small-scale solar projects in Latin America, Africa and Asia. The firm has secured $171 million in a first close.
Several development finance institutions backed the fund’s first close, including the DFC in the U.S. and Swedefund and Sida in Sweden. Natixis Investment Managers, Mirova’s parent, invested via its private equity group.
The asset manager’s goal is to make 130 investments that impact more than 10 million people and cut carbon and carbon-emission equivalents by 18 million tons. The company says it has a pipeline of projects in 30 countries.