According to ESG Today, the target set for the Mirova Gigaton Fund is 500 million USD, meaning that the investment manager is well-beyond the half mark and the European Investment Bank (EIB) contributed with 75 million USD.
The Mirova Gigaton Fund aims to provide medium and long-term debt financing for clean energy projects focused in emerging countries located in Africa, Latin America and the Middle East, among other regions. The fund is focused mostly on helping SMEs with the transition to green economy practices, such as installing renewable power projects, as well as on promoting e-mobility and energy storage solutions.
Ryan Levinson, Director of the Mirova Gigaton Fund, and Head of Emerging Market Energy Transition, said that "our global goal is to contribute to the acceleration of the transition to a low-carbon economy and improving energy access in Africa, Asia Pacific and Latin America."
Kenya-based farming solar and irrigation system startup SunCulture, as well as solar system expert Solar Panda are two of the projects that have received financial support from Mirova so far.
Raphaël Lance, Head of Energy Transition Funds at Mirova, added that "the challenges of sustainable finance go beyond the borders of developed countries: by exceeding half its target after only one year of fundraising, the Mirova Gigaton Fund is testament to our ambition to develop our emerging markets platform to provide capital where investment needs, particularly in infrastructure, will be the greatest in the coming decades."