By Rachel Fixsen2021-01-20T09:35:00+00:00
Merseyside Pension Fund (MPF) in the UK is among several institutional investors revealed to have invested in a new co-investment vehicle created by Mirova to own a share of a large Portuguese hydroelectric portfolio.
Portuguese electric utility firm EDP announced in December that it sold the portfolio, located in the Douro valley with 1.7 GW capacity, to a consortium of Credit Agricole Assurances, French operator Engie and Mirova, in a €2.2bn deal.
After a debt tranche and price reduction contingencies, the equity portion of the investment is €1.68bn, according to Mirova.
The three buyers now hold stakes of 35%, 40% and 25% respectively in the portfolio, said EDP, noting that the transaction had been finalised exactly a year after the original agreement between the companies.