As a leading sustainable investing company, Mirova recently marked a significant milestone in its mission to hasten the switch to clean energy in underdeveloped countries. Mirova Gigaton Fund just hits $282M in clean energy for developing markets.
The European Investment Bank (EIB) has committed $75 million in senior financing to the fund, adding to the range of support the fund has received since its original closure in March 2023 and greatly supporting its recent progress.
This achievement shows that the financial community is becoming more and more supportive of sustainable investments, as they account for more than half of the fund’s target.
Mirova Gigaton Fund Aims to Offer Medium to Long-Term Debt Financing for Projects in Clean Energy
The Mirova Gigaton Fund targets developing regions like Africa, Latin America, the Middle East, and Asia with its medium to long term loan financing for sustainable energy projects. Its objective is to win over institutional investors to projects that have a major impact on mitigating and adapting to climate change and advancing investments in gender equality, social development, and economic infrastructure.
The fund is sector-neutral, with a primary concentration on small and medium-sized firms (SMEs). These encompass solar home systems, agri-solar initiatives, commercial and industrial solar solutions, mini-grid solarization of telecom towers, and forays into new domains like electric mobility, energy-smart food systems, battery storage solutions, and pre-financing for carbon credits.
Mirova Gigaton Fund is Also Committed to Enhancing the Lives of Women in Developing Nations
Complying with the goals of the G7-initiated 2X Challenge, the Mirova Gigaton Fund is committed to enhancing the lives of women in developing nations. The Mirova Gigaton Fund is gaining traction, and its accomplishments highlight how important private investment is to the advancement of sustainable energy solutions in underdeveloped nations.
This commitment includes making financial resources more accessible to female entrepreneurs, improving women’s access to renewable energy, advocating for equitable and superior job possibilities, and assisting in the growth of female-owned enterprises.
European Investment Bank Has Invested Significantly in this initiative
The European Investment Bank has also made a sizable investment in this project. Furthermore, Mirova has disclosed a junior investment of €5 million made possible via the Luxembourg-EIB Climate Finance Platform.
This program attempts to incentivize public and private sector investment in businesses that have a substantial influence on emerging markets, particularly those that are devoted to addressing climate change and putting mitigation plans into place.
Additionally, the Mirova Gigaton Fund has provided funding for several important initiatives, such as Energy Vision, which provides renewable energy solutions in Gabon and Nigeria, Solar Panda, which sells solar-powered home systems, and SunCulture, which provides solar-powered irrigation systems to small-scale farmers in Kenya.
ALSO CHECK:
- Business Credit Card vs Small Business Loan for Your Venture
- Apple’s AirPods Pro 2 Hits Its All-Time Low Price Ahead of Vision Pro Launch
- State Trade Expansion Program (STEP) (Benefit of $10,000 Grant) – APPLY NOW
- iF Social Impact Prize 2024 for Young Changemakers (€100,000 Money Prize) – Register Now!
- Lead2030 Challenge for SDG 4 (Up to $50,000 Grant) – APPLY NOW
