Mirova Invests USD10m in ecoligo's Energy Expansion in Vietnam
Vietnam's sustainable energy solution market has seen massive growth from 2018 to 2022.
The partnership will fund businesses in various sectors, including manufacturing and healthcare, in their renewable energy transition by supporting Vietnam's carbon-neutral goals by 2050.
Mirova, a Paris-based sustainable investment company, has invested USD 10 million in ecoligo, a Berlin-based company providing finances for solar projects in emerging markets, to support the latter's solar rooftop projects in Vietnam.
This is Mirova’s first investment in Vietnam, aimed at expanding sustainable energy solutions in the country.
ecoligo provides solar power systems to commercial and industrial businesses in emerging markets, particularly Latin America and Southeast Asia. The company facilitates solar energy accessibility through Power Purchase Agreements (PPAs) and lease-to-own options. Simply put, businesses do not need to pay upfront costs for solar systems but pay for the energy they consume.
ecoligo has, over the years, built tie-ups with manufacturing, hotels, agriculture, and healthcare businesses.
Ecoligo’s CEO, Martin Baart, said: "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."
Vietnam's commercial and industrial (C&I) solar market has grown exponentially from zero solar energy in 2018 to 21% of the country's capacity in 2022. Government policies played an increasingly important role in this growth through the direct power purchase agreement (DPPA) and the Energy Service Company (ESCO) models. This will help businesses reduce costs and support Vietnam's carbon neutrality goal by 2050.
The proceeds from Mirova will go towards companies in Vietnam that focus on sustainable energy and reduce their dependence on fossil fuels. This will also facilitate the renewable energy transition in Vietnam and help the country reduce carbon emissions and battle climate change.
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Source: Mirova
