S'abonner

Mirova grants $10mn loan to EDF for solar projects in Africa

EDF will strengthen its off-grid platform in Africa with a $10mn loan from Mirova to expand electricity access to 5 million people by 2030.

Share:

EDF Renewables has secured a senior loan of $10mn from Mirova, the asset management subsidiary of Natixis Investment Managers focused on sustainable investments. The financing targets the “EDF Energy For All” platform, which brings together the French group’s off-grid activities in sub-Saharan Africa. It will support the deployment of distributed solar solutions across several countries on the continent.

Targeted support for local subsidiaries

The platform currently supports five subsidiaries: Greeno and Tevia in Côte d’Ivoire, UpOwa in Cameroon, Kukhanya Energy Services in South Africa, and Bboxx EDF in Togo. These entities are active in distributing solar kits, solar-powered water pumps, and off-grid agricultural equipment. EDF aims to reach five million beneficiaries in Africa by 2030, up from three million currently.

Mirova structured the loan through its Mirova Gigaton fund, which targets projects aligned with global climate objectives. The fund provides long-term debt financing for decentralised electrification solutions in emerging markets.

A growing market with high capital needs

According to the Off-Grid Solar Market Trends 2024 report published in October 2024 by the World Bank, sub-Saharan Africa accounts for over 80% of people globally without access to electricity. Off-grid solar is currently the most cost-effective solution for electrifying 41% of this population by 2030, but will require a cumulative investment of $21bn over the period.

Between 2020 and 2022, off-grid solar accounted for 55% of new electricity connections in the region. The business model relies on installations deployed directly at consumers’ homes without connecting to the national grid, enabling electrification of isolated rural areas.

Industrial structuring of the off-grid offer

EDF Renewables is developing an approach that combines local anchoring, technical innovation, and financial structuring to support the expansion of its African portfolio. The EDF Energy For All platform acts as a vehicle for operational pooling and a tool for accessing targeted financial resources for its subsidiaries.

“Thanks to this loan, the platform will continue to support our subsidiaries in delivering off-grid energy solutions to rural populations,” said Xavier Rouland, Off Grid Director at EDF Renewables. The group views this strategy as a way to address the growing electricity demand in underserved areas.

  • Popular on energynews.pro
Chestnut Carbon secures pioneering non-recourse financing of $210mn for afforestation in the U.S.
Turkey proposes new expanded energy deal to Iraq with oil, gas and electricity
NANO Nuclear reaches key milestone with prototype induction pump for reactors
Kazakhstan launches oil refining strategy to 2040 with $5bn in investments
Iberdrola raises $5.9 billion to strengthen its grids in the UK and the US
Loblaw launches Canada’s largest rooftop solar system for its logistics centre
Loblaw Group will deploy a 7.5 MW photovoltaic installation on the roof of its East Gwillimbury distribution centre, generating up to 25% of the site’s annual electricity and marking a new step for the Canadian logistics sector.
Shell restructures five U.S. solar projects through joint venture with Ares
Savion, a Shell subsidiary, transfers majority ownership of five solar projects to Tango Holdings, 80% owned by Ares, to optimise the U.S. renewable electricity production portfolio and improve the profitability of the oil group’s investments.
KKR commits $335mn with CleanPeak Energy to support solar distribution in Australia
Investment fund KKR is committing $335mn in a strategic partnership with CleanPeak Energy to accelerate the rollout of solar, storage and microgrid solutions aimed at Australian businesses.
Bluebird Solar launches major investment to double its capacity in India
Bluebird Solar is initiating a significant investment plan in Greater Noida to increase its production capacity to 2.5 GW and integrate automated lines powered by artificial intelligence.
TotalEnergies ENEOS completes rooftop solar power plant with TechnipFMC in Malaysia
TotalEnergies ENEOS has commissioned a 680-kilowatt photovoltaic facility at TechnipFMC’s Johor Bahru site, supplying 20% of the factory’s energy needs under an 18-year power purchase agreement.
Voltalia secures two EPC contracts for 92.9 megawatts of solar power in Ireland
Voltalia has been selected for the construction of two photovoltaic plants in Ireland, totalling 92.9 megawatts, further strengthening its presence in the country’s solar infrastructure market.
Renewable energies strengthen their dominance over global electricity costs in 2024
The latest report from the International Renewable Energy Agency confirms the cost superiority of renewables, but highlights persistent challenges for grid integration and access to financing in emerging markets.
EDP Renewables signs 20-year solar contract with California Water Service
EDP Renewables North America and California Water Service have entered into a 20-year agreement to supply solar energy to a strategic Bakersfield site, reducing grid energy costs by about $1.7mn over the contract duration.
Europe’s solar slowdown marks the first decline in a decade
Solar growth in the European Union is seeing its first annual contraction in ten years, following reduced subsidies and shifting budget priorities in several member states.
Scatec wins 846 MW solar project in South Africa for 735 mn USD
Scatec secures the development of a 846 MW photovoltaic cluster in the Free State province, with an investment of ZAR13bn ($735mn), following the seventh round of South Africa's REIPPPP programme.
Enbridge launches 600 MW solar project in Texas to power Meta
Enbridge invests $0.9bn in a 600 MW solar facility in Texas, fully dedicated to powering Meta Platforms, Inc.'s data centres through a long-term power purchase agreement.
ENGIE acquires a portfolio of 22 solar projects totalling 70 MW in Pennsylvania
ENGIE has announced the acquisition of 22 distributed solar projects in Pennsylvania, further strengthening its renewable energy expansion strategy while supporting the local economy and enhancing the reliability of the distribution grid.
Estuary Power launches Escape Solar and secures major additional financing
Estuary Power commissions the Escape Solar and Storage project in Nevada, integrating 185 megawatts of solar capacity and securing enhanced financing from institutional investors to supply electricity to several major players in the leisure sector.
US tariffs and FEOC restrictions threaten solar supply chain and create risks for the industry
New anti-dumping tariffs and Foreign Entity of Concern (FEOC) restrictions are disrupting the US solar supply chain, while ongoing dependence on China exposes the industry to significant risks, according to Wood Mackenzie.
Sri Lanka signs partnership to roll out solar energy at scale
Sri Lanka and the International Solar Alliance (ISA) have signed a strategic partnership to accelerate solar energy deployment in the country, aiming for 70% renewable energy by 2030.
Sunrun raises $431 million with residential solar system securitization
Sunrun announced the pricing of its $431 million securitization, involving leases and power purchase agreements. This marks the company’s 14th public securitization and its third of 2025.
Resalta acquires Statkraft’s Croatian platform, strengthening its position in Eastern Europe
Resalta has completed the acquisition of Statkraft’s Croatian platform, expanding its presence in renewable energy across Eastern Europe, with a portfolio of projects and a full local team.
Gaia finalises $11mn solar acquisition in South Africa with two photovoltaic assets
Gaia Renewables 1 has acquired a 10% stake in two solar power plants in the Northern Cape, following regulatory approval and financial close, strengthening its portfolio of independent assets.
Gutami Holding signs 150 MW solar deal with storage in Burkina Faso
Dutch firm Gutami Holding has signed a 25-year agreement with Burkina Faso and national utility SONABEL for a 150 MW solar project with 50 MW storage, valued at over €100mn ($109mn).
Azerbaijani sovereign fund acquires stake in 402 MW solar assets in Italy
SOFAZ acquires 49% of a 14-plant solar portfolio held by Enfinity Global in Lazio and Emilia-Romagna, reinforcing its long-term stable investment strategy.

FOSSILS

POLICY

RENEWABLE

PLUS

© XMARKET PUBLISHING