Fund ran by asset manager Mirova buys stake in RP Global

Through a EUR 480 million financing package, energy transition infrastructure fund MET6, managed by Mirova, is becoming a relevant minority shareholder in RP Global. It would enable the renewables developer to become an independent power producer (IPP).

Mirova’s sixth fund dedicated to energy transition infrastructure will invest EUR 200 million in RP Global, allowing another co-investment vehicle managed by Mirova to invest EUR 280 million. They said it would make Mirova Energy Transition 6 (MET6) a relevant minority shareholder in the company specializing in wind, solar power and storage projects.

It enables RP Global to become an independent power producer (IPP), according to the update.

“The financing provided will help us expand our initiatives to build sustainable infrastructure across the region, advancing our shared goal of reducing carbon emissions and supporting the transition to cleaner energy, and building a successful IPP of critical size,” said RP Global’s Chief Executive Officer Gerhard Matzinger.

Extending decade-long partnership

The purchase of equity and convertible bonds covers Italy, Germany, France, Spain, Portugal, Poland and Croatia.

“We are very pleased to strengthen our collaboration with RP Global, a long-standing partner of Mirova with whom we have built confidence and trust over nearly 10 years. This significant new investment will enable RP Global to realise its ambitions to reinforce its IPP model on a European scale,” Investment Director of Mirova Anne-Laure Messier stated.

Transaction expected in November

The transaction closing is expected in November, pending anti-trust clearances, the companies added.

MET6 is a French limited partnership open to subscriptions. Asset management firm Mirova, an affiliate of Natixis Investment Managers, is dedicated to sustainable investing.

Founded in 1984, RP Global is an independent renewable energy developer headquartered in Vienna and Madrid. It operates mainly in the said seven Western and Central European countries. The company noted that it has cofounded and invested in companies such as Pexapark and Enery.

It is developing a portfolio of more than 14 GW, primarily in photovoltaic, wind and energy storage projects. RP Global aims to commission more than 2.5 GW over the next five years while maturing the other projects. It said it would build several hybridized assets.