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The Innovation Spark

ManoCap Energy secures $20 million to expand its commercial & industrial solar business in West Africa.

by Staff Reporter
August 12, 2024
Reading Time: 2 mins read
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The Ghana—and Sierra Leone-based renewable energy investment company ManoCap Energy has secured $20 million in long-term debt financing from the Mirova Gigaton Fund to offer businesses renewable energy solutions. 

What does ManoCap Energy do?

ManoCap Energy is a vertically integrated commercial and industrial independent power producer operating in West Africa. It specializes in replacing diesel generators through the installation of solar and battery storage hybrid energy systems for commercial and industrial clients. 

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It offers clients a comprehensive energy solution encompassing design, financing, construction, operation, and support. The company conducts a complimentary facility assessment to determine optimal energy solutions, integrating renewable sources. By assuming financial responsibility for system commissioning, ManoCap eliminates upfront costs for clients. The company partners with global experts to execute construction and ensures seamless operations, allowing clients to focus on core business activities. Monitoring, performance updates, and system adaptability are provided to optimize energy efficiency and meet evolving business needs.

ManoCap Energy’s projects directly support climate change mitigation by bettering the energy mix of the emerging countries in which it operates. In addition to its favourable environmental impacts, ManoCap Energy brings distinct positive social impacts by buttressing the socio-economic development of many low-income African countries through more reliable energy access for its enterprises, primarily SMEs, and bridging the digital divide between urban and rural areas due to its telecommunication solarization businesses.

What will the funding be used for?

The $20 million investment from the Mirova Gigaton Fund will allow Ghana-based renewable energy player ManoCap Energy to continue building its commercial and industrial (C&I) scale solar business in West Africa. Its portfolio is currently focused on Ghana and Sierra Leone; these funds will consolidate its business in these two countries while facilitating its business scale-up in neighbouring countries, including Nigeria, Ivory Coast, Guinea, Liberia and Togo.

Which investor is betting on ManoCap Energy?

Mirova Gigaton Fund is a $500 million blended finance vehicle targeting energy transition investments in the developing world. The fund expects to deploy USD 1.2 billion of private debt throughout its life primarily to small and medium-sized enterprises in solar home systems, agri-solar, commercial & industrial solar, telecom tower solarization, mini-grids and other promising sectors such as e-mobility, battery storage, climate-smart food systems, energy efficiency and carbon credit pre-financing.

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