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AfrElec RENEWABLES AfrElec
FAS Energy to invest $450mn to
build 500-MW solar plant in Egypt
EGYPT FAS Energy, a subsidiary of Saudi developer banks, with the remaining 20% to be financed
Alhokair Group, plans to invest $450mn to build from company resources. The turnkey project
a 500-MW solar plant in Egypt in partnership which FAS Energy plans to develop is expected
with the Electricity Ministry and the Egyptian to be commissioned by November 2023.
Electricity Transmission Co. (EETC). FAS Energy already has a 50-MW solar power
Negotiations are at an advanced stage, plant at the Benban complex, with plans to set up
according to media reports, with a final contract a waste-to-energy facility in the 10th of Rama-
expected to see the light before the end of July. dan City. It has also expressed ambitious plans
The company has already secured financing for to invest in Egypt’s green hydrogen industry.
80% of project costs from a consortium of Saudi
Mirova acquires climate
investor SunFunder
ASIA NATIXIS Investment Managers affiliate Mirova Desiderato and Ryan Levinson.
has announced the acquisition of SunFunder, Following the completion of the transaction,
which offers specialist innovative financing solu- Mirova will own 100% of SunFunder, whose
tions for decentralised solar energy in Africa and teams and expertise will strengthen local invest-
Asia. ment and execution capabilities for the private
SunFunder has closed over $165m in invest- assets of the unit of Natixis.
ments across 58 firms, such as off-grid solar “In order to thoroughly address the chal-
home systems in Malawi, village mini-grid lenges that come with the fight against global
projects in Kenya, and commercial and indus- warming and social inequalities, having a local
trial rooftop installations in Nigeria as well as presence in emerging countries is critical,”
Thailand. Mirova chief executive Philippe Zaouati said.
“Mirova and SunFunder’s first objective is to SunFunder’s team of 28 people will be
launch a solar energy debt financing fund, with retained to keep expanding their high-im-
an investment capacity of $500 mn through pact energy transition work, and together with
about 70 projects spread over Africa, Asia and Mirova, to build a broader emerging markets
Latin America. The first closing could take place platform for clean energy and climate invest-
by the end of the year,” Mirova in a June 20 press ments. The team is located in Nairobi, Paris and
release. London.
SunFunder’s business objectives align with Natixis chief executive Tim Ryan said Sun-
Mirova’s aim to be a global leader in energy Funder’s acquisition by Mirova is within 2024
transition financing through investment solu- strategic plan of Natixis and also contributes to
tions that enhance debt financing expertise and strengthening the parent company’s private and
in-depth knowledge of emerging markets. alternative asset offering.
“Together we become the leading clean “Our clients around the world looking for
energy and climate investor in emerging mar- diversification and sustainable sources of return
kets, through bold new investments with real will now have easier access to impact invest-
impact,” said SunFunder’s Co-founders Audrey ments in emerging markets,” he said.
Week 25 23•June•2022 www. NEWSBASE .com P15
