Mirova, a Paris-based impact investing subsidiary of Natixis Investment Managers, acquired SunFunder, a private debt management company based in Nairobi, Kenya, that finances renewable energy projects in Africa and Asia.
Details of the deal weren't disclosed.
Over the 10 years since its launch, SunFunder has invested more than $165 million in 58 companies "deploying clean energy mainly in Africa and Asia, such as off-grid solar home systems in Malawi, village mini-grid projects in Kenya, and commercial and industrial rooftop installations in Nigeria and Thailand," according to a joint news release.
Philippe Zaouati, CEO of Mirova, said in the news release that "in order to thoroughly address the challenges that come with the fight against global warming and social inequalities, having a local presence in emerging countries is critical."
SunFunder's entire team, including co-founders and management, will be integrated into Mirova, a Natixis spokeswoman said, calling the acquisition a step toward the Paris-based firm building an emerging markets investment platform.
Tim Ryan, CEO of Natixis Investment Managers, said in the release that the move will give Natixis clients around the world "easier access to impact investments in emerging markets."
The first objective of the combined firm will be to launch a solar energy debt financing fund capable of investing $500 million in about 70 projects in Africa, Asia and Latin America, targeting a first closing by the end of 2022, the release said.
Mirova and its subsidiaries had assets under management of €27 billion ($28.3 billion) as of March 31.
