Mirova has launched its sixth strategy dedicated to energy transition infrastructure, aiming to raise up to €2bn.
This new vintage will continue to support decarbonisation, mainly in Europe.
Mirova Energy Transition 6 (MET6) will aim to finance proven technologies (onshore and offshore wind power, photovoltaics, hydropower, storage and energy efficiency) while continuing to support the development of low-carbon electric mobility and hydrogen.
MET6 will build on the success of previous Mirova’s energy transition funds and will retain flexible investment approaches, such as majority or minority stakes and equity financing or subordinated debt, drawing on the solid technical expertise of its teams and their strong relationships with established players in the industry.
The new investment strategy succeeds Mirova Energy Transition 5 (MET5), launched in February 2021.
The fund exceeded its target, raising €1.6bn in less than 18 months.
The MET6 team will seek to identify project promoters and provide them with the financial resources to support their development phase, throughout the projects’ entire life cycles.
While the fund’s core deployment target remains Europe, part of the investments could be made in other OECD member countries.
By duplicating proven models, Mirova aims to extend the partnerships forged with European developers in new regions, notably in Asia.
To support this growth, Mirova’s Energy Transition Infrastructure team, which works on OECD funds, now employs 29 people (up from 22 in 2022).