Mirova has secured a €40 million commitment from the European Investment Bank (EIB) for its third renewable energy fund, Eurofideme 3, launched in mid-2014.
The EIB’s commitment is in addition to the €75 million first close held last summer by Natixis Asset Management’s responsible investment subsidiary, taking total funds raised to at least €115 million. Infrastructure Investor sister publication Low Carbon Energy Investor understands the majority of the first close funds came from repeat French investors in Mirova’s previous two renewable funds.
Mirova’s third fund is looking to raise €200 million, with a €300 million hard-cap. It focuses on greenfield investments mainly in solar and wind through partnerships with developers. Eurofideme 3 has already invested in two projects in France and is currently eyeing other transactions, particularly in northern Europe.
Across its two other funds, Mirova has financed some 700MW of wind and solar photo-voltaic projects in France and Sweden. They have raised €46 million and €94 million respectively.