GHANA-SIERRA LEONE: Eiffel supports productive solar with a €3 million loan
Investment fund manager Eiffel Investment Group is providing a €3 million bridge loan to ManoCap Energy. The financing will provide solar power to commercial and industrial (C&I) customers in Ghana and Sierra Leone.
ManoCap Energy is raising €3 million for its projects in Sierra Leone and Ghana. This is a bridge loan signed with Eiffel Investment Group, an investment fund manager based in Paris, France. This financing is provided as part of a transaction involving two funds managed by Eiffel. In this financing, Finergreen acted as advisor to Eiffel Investment Group. Echosys Advisory was also involved, alongside ManoCap.
The company, which has offices in Freetown (Sierra Leone) and Accra (Ghana), will use the financing to provide solar photovoltaic energy to commercial and industrial (C&I) customers. “The financing will allow us to execute our portfolio of near-term solar C&I projects in Ghana and Sierra Leone. It is flexible financing that will continue to support our long-term growth,” said Thomas Cairnes, ManoCap Energy’s chief executive officer.
The company is a joint venture between ManoCap and Energy Access Ventures. ManoCap Energy finances and manages clean energy systems for clients in sub-Saharan Africa. Its projects range in size from 150 kWp to 10 MWp and rely on clean energy technologies as well as generators and batteries when needed.
The company has a portfolio of about 10 projects. Eiffel plans to provide long-term financing after the projects in ManoCap Energy’s current portfolio are commissioned