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New Mirova co-investment vehicle participates in major renewable infrastructure project alongside Engie and Credit Agricole Assurances
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25/01/2021 - 10:09am
Mirova, an affiliate of Natixis Investment Managers, has created a new 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 EUR2.2 billion, completed in late December.
Investors in the new co-investment vehicle include Banca March, Merseyside Pension Fund, Natixis Assurances, Groupama, EB Erneuerbare Energien Fonds Europa and LHI Group. MEF4, together with the MEF4 co-investment vehicle, own 25 per cent of the total consortium. Engie owns 40 per cent, while Crédit Agricole Assurances own 35 per cent.
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.