Mirova provides ecoligo with USD 10 million in debt financing to expand solar energy projects in Vietnam
Mirova, a leading player in sustainable investment and a subsidiary of Natixis Investment Managers, has provided $10 million in debt financing to global solar company ecoligo. This investment, made through the Mirova Gigaton Fund, will finance a portfolio of commercial and industrial (C&I) solar rooftop projects in Vietnam. This is Mirova's first investment in Vietnam and underscores the company's commitment to promoting the transition to clean energy in rapidly developing emerging markets.
ecoligo, a pioneer in solar-as-a-service solutions, will use the funds to implement further projects in Vietnam – one of the most promising renewable energy markets in Southeast Asia. The company currently manages a portfolio of 100 MWp with 200 projects in emerging markets, enabling businesses to reduce their reliance on grid power, often generated by fossil fuels, and to capitalize on cost-effective solar energy.
Accelerating the energy transition in Vietnam
This investment is in line with Vietnam's ambitious Net-Zero target, which aims to achieve carbon neutrality by 2050. ecoligo's projects directly contribute to the United Nations' Sustainable Development Goals (SDGs), particularly SDG 13, which focuses on mitigating climate change. By installing solar photovoltaic systems through power purchase agreements (PPAs) and lease-purchase models, ecoligo helps industrial companies, hotels, resorts, private hospitals and universities diversify their energy sources.
“We are excited to expand our impact in Vietnam with the support of Mirova's investment,” said Martin Baart, CEO of ecoligo. “This partnership not only accelerates our mission of providing clean and affordable energy solutions, but also demonstrates how collaborative partnerships can achieve significant progress towards global climate goals. Together, we are creating an opportunity for companies to use solar energy, actively contribute to a carbon-neutral future and drive the global energy transition.”
Mirova's commitment to clean energy
Mirova's commitment of $10 million underscores its commitment to long-term value creation with positive environmental and social impact. This investment represents the seventh distribution from the Mirova Gigaton Fund, which has raised $282 million to date, with a target of $500 million.
“We see ecoligo as an outstanding impact investment player in emerging markets thanks to its innovative business model. We look forward to supporting the company in its expansion in Vietnam,” said Priyanka Mehrotra, Investment Director at Mirova.
A partnership for a sustainable future
The collaboration between ecoligo and Mirova is a significant step towards creating sustainable energy solutions in Vietnam and beyond. This partnership showcases how global cooperation can address the challenges of climate change while promoting economic growth in emerging markets.