Mirova is to invest €480m in independent power producer RP Global to support its plans to execute a 2500MW pipeline of clean power projects across Europe.
Mirova Energy Transition 6 fund will invest €200m, allowing another co-investment vehicle managed by Mirova to invest €280m, and will become a relevant minority shareholder in RP Global.
RP Global is a 40-year-old independent pan-European developer specialising in wind, solar photovoltaic, and storage projects, headquartered in Vienna, Austria, and Madrid, Spain and operating mainly in France, Germany, Italy, Spain, Portugal, Poland, and Croatia.
RP Global is developing a portfolio of 14GW, primarily composed of solar, wind and storage projects.
With a first collaboration dating back to 2015, RP Global has been a long-term partner of Mirova, demonstrating expertise in the development, construction, operation, maintenance, financing and sale of renewable energy assets.
RP Global aims at building and commissioning more than 2500MW of solar, wind and storage assets, including several hybridised assets.
Transaction closing is pending anti-trust clearances and is expected to happen in November.
RP Global chief executive Gerhard Matzinger said: “The new phase in our cooperation with Mirova enables RP Global to further our efforts in developing and deploying renewable energy projects at a crucial time for Europe’s energy transition.
“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.”
Mirova investment director Anne-Laure Messier added: “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, which align with the framework set by the Paris Agreements to achieve net-zero emissions by 2050.”