Mirova Commits USD10 million to Global Commercial & Industrial Solar Company ecoligo
Berlin-based ecoligo offers fully financed solar-as-a-service solutions for businesses in emerging markets, particularly in Southeast Asia and Latin America. The company provides solar photovoltaic (PV) systems through Power Purchase Agreements (PPAs) and lease-to-own models for on-grid commercial and industrial (C&I) clients. coligo focuses on a variety of sectors, including industrial and manufacturing enterprises, hotels and resorts, agricultural facilities, as well as private hospitals and universities. ecoligo has successfully raised €74 million to date and currently manages a global portfolio of 100 MWp, comprising 200 projects.
The commercial and industrial (C&I) solar energy sector in Vietnam is experiencing rapid expansion, with solar capacity rising from nearly 0% in 2018 to 21% in 2022[2]. Favorable domestic policies, such as the new direct power purchase agreement (DPPA) mechanism and the Energy Service Company (ESCO) model for rooftop solar systems, present opportunities for C&I businesses to reduce their energy costs and expand, while contributing to Vietnam’s goal of achieving carbon neutrality by 2050.
ecoligo will utilize the proceeds from the Mirova Gigaton Fund to contribute to Sustainable Development Goal (SDG) 13, which focuses on climate change mitigation. By providing industries with reliable and sustainable energy, ecoligo enables them to diversify their energy mix, which has traditionally been reliant on grid electricity, which is relying heavily on fossil fuels, thereby actively combating climate change and its associated impacts. The energy solutions developed by ecoligo are in alignment with Vietnam’s net-zero policy, which aims for carbon neutrality by 2050 by shifting the majority of its energy generation to wind and solar power.
Martin Baart, CEO at ecoligo, declared: “We are thrilled to expand our impact in Vietnam with the support of Mirova's investment. This partnership not only accelerates our mission to deliver clean and affordable energy solutions but also exemplifies how collaboration can drive meaningful progress toward global climate goals. Together, we are unlocking the potential for businesses to embrace solar power, actively contribute to a low-carbon future, and pioneer the global energy transition.”
Priyanka Mehrotra, Investment Director, Mirova division of Natixis Investment Managers Singapore Limited[3], added: “We view ecoligo as a standout impact investment player in emerging markets, thanks to its innovative business model. We are excited to partner with the firm to support its expansion in Vietnam. This seventh investment from the Mirova Gigaton Fund perfectly aligns with our core strategy, which focuses on providing debt financing to clean energy companies that facilitate the transition to a low-carbon economy and enhance energy access in rapidly growing emerging markets.“
