Mirova boosts Croatia exposure after renewable incentives

The Mirova-Eurofideme 3 fund now controls 95 percent of two wind farms worth a combined €123m.

French fund manager Mirova has bought a further 46 percent of two Croatian wind farms it invested in just over a year ago, following increased government incentives for renewable energy production.

The Natixis subsidiary now owns 95 percent of the 34.2MW Rudine project and the 43.7MW Danilo site, the latter of which is Croatia’s largest operating wind farm.

The investment has been made through the €350 million Mirova-Eurofideme 3 fund, which has completed more than 12 investments, deploying close to €200 million of its capital. It has sealed deals elsewhere across the renewables sectors, including in France and Sweden.

RP Global, the developer and vendor of the two Croatian projects, will retain a 5 percent share. The Danilo site has been operational since 2014, while Rudine was commissioned in early 2016. The pair were built for a combined cost of €123 million.

Croatia last month increased incentives for renewable energy production for the first time in four years, a move Mirova identified as key to bolstering its investment.

“This signature enables us to increase our presence in the attractive Croatian renewable energy market,” said Raphael Lance, head of Mirova renewable energy funds. “The recent renewed support of the Croatian Government to green energy has been instrumental to comfort our investment decision.”