Mirova, an affiliate of Natixis Investment Managers, announces the recent creation of a co-investment vehicle, which has attracted existing investors in its current Energy Transition fund, Mirova Eurofideme 4 (“MEF4”), as well as new clients. The vehicle was created specifically to participate, alongside Engie and Credit Agricole Assurances, in the acquisition of the second largest hydroelectric portfolio in Portugal from EDP. The deal, valued at EUR 2.2 billion, completed in late December.
Investors in the new co-investment vehicle include Banca March, Merseyside Pension Fund, Natixis Assurances, Groupama, EB Sustainable Fund and LHI. MEF4, together with the MEF4 co-investment vehicle, own 25% of the total consortium. Engie owns 40%, while Crédit Agricole Assurances own 35%.The deal, seen as one of the major renewable transactions in Europe of the last decade, demonstrates a significant scale-up in the size of the transactions and assets that Mirova is now successfully targeting, as well as highlighting a new appetite among institutional investors to be direct investors in large renewable infrastructure projects.
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