Mirova backs French wind, hydro portfolio

The unit of French bank Natixis is providing €15m of funding for Austrian developer RP Global as it builds a renewable energy portfolio.

Mirova, a responsible investment subsidiary of France’s Natixis Asset Management, has subscribed to a €15 million convertible bond facility which will enable Austrian developer RP Global to build a portfolio of European onshore wind and hydro projects.

The funding has come from Eurofideme 3, a fund managed by Mirova. In January, Infrastructure Investor reported that the fund – launched in the middle of last year – had secured a €40 million commitment from the European Investment Bank. This took its total raised to at least €115 million following a €75 million first closing last year.

The fund, which has a target of €200 million and hard cap of €300 million, was established to focus on greenfield investments, mainly in solar and wind, through partnerships with developers.

RP Global will use its funding to build a portfolio of projects over the next two years, mainly located in France, with a cumulative installed capacity of over 100 megawatts. The developer will be responsible for the construction and asset management of the portfolio.

“The funds provided to us by Mirova make it possible to kick start construction in several of our new ‘ready to build’ projects and take them to completion,” said RP Global chief financial officer, Jorge Rodriguez, in a statement.

“This allows us to widen our range of financial partners to join in our quest for a renewable energy fuelled Europe,” he added.