Mirova commits $10 million to ecoligo to fuel growth in Vietnam

Photo: Duc Thanh

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 systems through power purchase agreements and lease-to-own models for on-grid commercial and industrial clients.

The company focuses on various sectors, including manufacturing, hotels and resorts, agricultural facilities, as well as private hospitals and universities. With a current global portfolio of 100MWp, comprising 200 projects, ecoligo has successfully raised €74 million ($76.2 million) to date.

The commercial and industrial solar energy sector in Vietnam is experiencing rapid expansion, with solar capacity rising from nearly zero in 2018 to 21 per cent in 2022. Favourable domestic policies, such as the new direct power purchase agreement mechanism and the Energy Service Company model for rooftop solar systems, present opportunities for businesses to reduce their energy costs and expand, while contributing to Vietnam’s goal of achieving carbon neutrality by 2050.

Proceeds from the Mirova Gigaton Fund will be utilised by ecoligo to contribute to the UN's Sustainable Development Goals, with a focus on climate change mitigation. By providing industries with reliable and sustainable energy, ecoligo enables them to diversify their energy mix, which has traditionally come from grid electricity and is heavily reliant on fossil fuels.

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 of ecoligo, said, "We are thrilled to be expanding in Vietnam with the support of Mirova's investment. This accelerates our mission to deliver clean and affordable energy solutions and exemplifies how collaboration can drive meaningful progress towards global climate goals. Together, we are unlocking the potential for businesses to embrace solar power while contributing to a low-carbon future and the global energy transition."

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