Mirova SunFunder and BioLite, a leading manufacturer of solar home systems (SHS), are pleased to announce an expansion of their partnership. The $5.3 million investment will provide debt financing for BioLite’s increased working capital requirements, a product of its rapid expansion in Sub-Saharan Africa.

Having been partners since 2017, when Mirova SunFunder provided BioLite’s first emerging markets debt financing, today both companies are delighted to continue working together to expand clean energy solutions in emerging markets further.

We are delighted to be partnering again with BioLite to support their continued growth in emerging markets. It is truly inspiring to work with an industry leader that strives to provide innovative and quality products in order to empower communities living off-grid and to accompany their journey to provide 20 million people with access to clean energy by 2025” said Nicole Kugelmass, who led the transaction for Mirova SunFunder.

At BioLite we are excited to continue our partnership with Mirova SunFunder who believed in our vision early on. Access to this additional capital is vital to continuing BioLite's growth and success in the off-grid solar market and helping us to achieve our goal of providing clean energy and combating climate change” said BioLite’s CFO Robb Dahir.

BioLite is a leading manufacturer of solar-home systems (SHS), solar-powered appliances and cookstoves, distributed in over 20 developing countries in Sub-Saharan Africa. Its innovative designs, ranging from high quality and affordable portable lanterns to cooking products are in increasingly high demand. BioLite’s fully inhouse developed products aim to provide life-changing solutions suitable for a lot of people with limited or no access to reliable energy, and unhealthy cooking environments.

Since its inception, BioLite has provided clean energy access to 3.6m people in developed and developing countries, offsetting over 700k tonnes of CO2eq and saving more than $175m in end user fuel costs1.

The $5.3m investment, which involved partnering with the Facility of Energy Inclusion’s Off-Grid Energy Access Fund (“FEI-OGEF”) in a syndicate arranged by Lion’s Head Global Partners, naturally aligns with Mirova SunFunder’s mission to pioneer and scale clean energy access and climate solutions by investing in companies and projects dedicated to the renewable energy transition in underserved markets.

For further reading
About BioLite
Founded in 2006, BioLite is a US-based developer and manufacturer of fuel-independent cooking, charging, and lighting systems for individuals. It has received multiple awards, such as the Product Design Award, Social Impact Design and Innovation by Design, given its excellent quality, affordable and durable clean energy products. BioLite has sold over 1 million products in emerging and developed countries2 in its mission to provide clean energy access to 20m people by 20253, and a healthier planet for everyone through safe & reliable cooking appliances.

1 BioLite, 2021 Impact report
2 Mirova SunFunder as of August 2022.
3 BioLite, 2021 Impact report

About Mirova SunFunder
Mirova SunFunder, formed by the acquisition of SunFunder by Mirova in June 2022, has closed more than $200 million in debt financing to 58 solar borrowers in emerging markets, improving energy access for over 10 million people.* Investments to date have been in the off-grid solar, mini-grid, productive use, C&I and telco ESCO** sectors in Africa, the Asia-Pacific, the Middle East and Latin America. Mirova SunFunder has been widely recognised, being shortlisted by the United Nations Net Zero Asset Owner Alliance, having won a UN Global Climate Action Award at COP26 in Glasgow in 2021, among others.

* Mirova SunFunder as of June 2022.
** Energy System Company

About Lion’s Head Global Partners Asset Management
Established in 2008, Lion’s Head Global Partners is an investment bank operating across frontier and emerging markets globally. It designs innovative and solution-driven financing structures in multiple sectors, recognised for its expertise in the development and implementation of new fund structures and investment platforms. Through Lion’s Head Global Partners Asset Management business, they manage four pioneering funds with $600 AuM, including the Facility for Energy Inclusion’s Off-Grid Energy Access Fund (FEI OGEF). FEI OGEF offers flexible financing solutions to companies in subSaharan Africa that provide affordable renewable energy to communities living off the grid.

Mirova SunFunder
A Company registered in Delaware
State File Number: 5125699
Registered Office: 2810 N Church Street, Wilmington - Delaware - 19802 USA
Mirova SunFunder Inc. is a subsidiary of Mirova US Holdings LLC, which is wholly owned by Mirova.
Please note that Mirova US LLC is not affiliated with this deal and communication.

Mirova is an affiliate of Natixis Investment Managers.
Portfolio management company - French Public Limited liability company
Regulated by AMF under n°GP 02-014
RCS Paris n°394 648 216
Registered Office: 59, Avenue Pierre Mendes France – 75013 – Paris.

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