London-based sustainability manager Mirova has acquired private debt emerging market climate investor SunFunder, for an undisclosed amount, in a move that aims to strengthen its debt financing capabilities and emerging market reach.
The Natixis Investment Managers affiliate acquired 100% of the equity of SunFunder on 3 June and absorbed its 38-strong team, which will be retained in its entirety to build out an emerging markets platform focused on clean energy and climate investment. SunFunder has been financing renewable energy programmes in Africa and Asia for over 10 years, beginning with decentralised solar in Africa, and has since deployed $165m in investment across 58 companies, such as in off-grid solar systems for homes in Malawi, mini-grids in Kenya, and commercial and industrial roof installations in Nigeri...
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