Mirova expands activities to scale up impact in emerging markets
Mirova, an affiliate of Natixis Investment Managers dedicated to sustainable investing, is developing new innovative solutions to continue supporting projects in emerging markets. These markets are currently underserved by Western investors despite actively addressing the challenges of the energy transition. To help scaling up project finance solutions in these regions, Mirova is reorganizing its operations and reinforcing its commitment to growth in this area.
Mirova, in line with its objective to be a global player in energy transition, has been expanding its activities in the emerging markets in parallel with the development of its natural capital platform, which now totals over $630 million under management1. With the acquisition of SunFunder in 20222, and the simultaneous launch of the Mirova Gigaton Fund3, Mirova focuses on accelerating the transition to clean energy in emerging countries in Africa, the Asia Pacific region, Latin America and the Middle East. Mirova is now furthering its commitment to emerging markets with the announcement of three appointments and the expansion of Impact Finance Services (IFS), a service hub designed for companies based in emerging countries looking to better structure their business and impact models.
Introducing innovative advisory activities: Impact Finance Services
Impact Finance Services is Mirova’s advisory arm, specializing in corporate advisory, structuring, and fundraising services. It also serves as an incubator for local companies seeking investment readiness and acts as the syndication desk for the Mirova Gigaton fund. Through its services, IFS assists companies in strengthening their financial sustainability and ability to scale, thereby enhancing their capacity to make a positive impact on local communities and the environment. Currently, IFS is actively supporting companies in Sub-Saharan Africa operating in the energy access space, with a focus on rural connectivity, electrification, and food security. Additionally, it is collaborating on several sector-wide initiatives aimed at supporting the sustainability of small and medium-sized enterprises (SMEs) in this sector. The unit is also exploring opportunities to expand its activities in the South-East Asia region and Latin America.
With these activities, Mirova underlines its position on the whole value chain of impact investing and deepens the company’s positive impact in emerging markets.
Appointments in the emerging markets team
As Head of Emerging Markets Energy Transition (EMET), Christiane Würdemann, formerly Head of Impact Finance Services (IFS), will be in charge of pursuing the development of the EMET activities, which include the Mirova Gigaton strategy. Christiane brings over 20 years of experience working in banking and finance in various legal and financial roles, with the last six years spent in emerging markets focusing on the clean energy space. Christiane reports to Raphael Lance, Head of Energy Transition Funds.
In this role, she is replacing Ryan Levinson, co-founder of SunFunder and former Head of EMET, who has left the company for personal reasons. Following his departure, Ryan remains an external advisor for the Mirova Gigaton Fund.
Ritesh Shah has been appointed as the new CEO of Mirova’s Kenyan entity, in line with Mirova’s strategy for regional leadership, and as part of his current Head of Strategic Projects position at Mirova. Ritesh is responsible for Mirova’s teams based in Nairobi and of developing the company’s regional leadership. Ritesh reports to Guillaume Abel, Deputy CEO.
In order to support the development of IFS, Mirova has appointed Nicole Kugelmass as IFS Managing Director. She will report to Raphael Lance.
I trust Ritesh will be a fine leader for our teams in Nairobi as he has successfully contributed to SunFunder’s integration within Mirova. His appointment as leader of our Kenyan affiliate will be key to reach our important ambitions in Africa. We are also excited to present our advisory service, which meets a need that is often encountered by local entrepreneurs aiming for both revenues and strong environmental and social impact: the difficulty in structuring their project financially to ensure its viability.
We want to warmly thank Ryan for what he brought to Mirova through SunFunder and then the Mirova Gigaton fund, and we wish him the best for his next projects. I am confident that Christiane will take our Emerging Markets Energy Transition team to the next level. Her 20+ years of experience in finance and her knowledge of emerging markets, especially Africa, will be a great addition for our Mirova Gigaton strategy and for our clients. I am convinced that Nicole will brilliantly pursue the work initiated with Chris with IFS over the past few years and bring added value to Mirova’s ambition in emerging markets.
1 Source: Mirova, as of 06.30.2024
2 In 2022, Mirova acquired SunFunder, an investment specialist in clean energy and climate in emerging markets.
3 MIROVA GIGATON FUND is structured in the form of a SICAV RAIF (Société d’Investissement à Capital Variable, Reserved Alternative Investment Fund) under Luxembourg law, open to subscription to eligible investors as defined in the regulatory documents. Mirova is the management company and Mirova SunFunder East Africa acts as Investment Advisor to Mirova. The supervisory authority approval is not required for this fund. The Fund is exposed to capital loss risks, legal and regulatory risk, liquidity risk, rate risk, credit risk, emerging markets risk, currency risk, sustainability risk.
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