Bates Wells has advised Mirova on an up to $10 million senior secured facility to ARC Ride, a leading electric mobility company in Kenya. The facility is designed to fund the deployment of electric two-wheeled vehicles and battery-swapping infrastructure in Kenya. The transaction contributes to the UN Sustainable Development Goals by reducing emissions and contributing to economic growth.
Mirova is a global asset management company dedicated to sustainable investing and an affiliate of Natixis Investment Managers. At the forefront of sustainable finance for over a decade, Mirova has been developing innovative investment solutions across all asset classes, aiming to combine long term value creation with positive environmental and social impact.
Sung-Hyui Park, Partner, and Edward Crane, Senior Associate, from the Bates Wells impact finance team, advised on the transaction. They worked in close collaboration with Binti Shah and Marywinfred Mwangi from ENS, who advised Mirova on Kenyan law.
Sung-Hyui Park commented: “We were delighted to support on this important transaction for Mirova, which reflects the crucial role that e-mobility can play in emerging and frontier markets. Our finance and banking team is dedicated to the impact sector, and we believe it provides a great example of our team’s deep experience of mid-market sustainable financing transactions in sub-Saharan Africa.”
Binti Shah, Partner at ENS, commented: “We are proud to have supported Mirova on this transaction in Kenya. It was a pleasure to work with Mirova and Bates Wells, bringing our Kenyan legal expertise to a deal that demonstrates the growing appetite for innovative, climate-focused investments in Kenya and the wider region. This project closely aligns with our commitment to sustainable development and positive social impact.”
Read more about the transaction on Mirova’s website here.