Mirova closes largest European renewables fund on €857m

Eurofideme-4 is 2.5 times larger than the French group’s previous fundraise and has invested €300 million.

French fund manager Mirova has raised the largest-ever European renewables fund following the close of its Eurofideme-4 vehicle on €857 million.

The fund has exceeded its €500 million target and its €700 million hard-cap. It was launched in early 2018 and more than doubles the amount raised by its €350 million predecessor in 2016. It is also slightly narrower the €850 million raised by Glennmont Partners in June this year, for Glennmont Clean Energy Fund Europe III, which was the largest vehicle dedicated to the European renewables sector.

The European Investment Bank provided €80 million towards Eurofideme-4, doubling the amount it committed to Eurofideme-3. The fund’s strategy is to purchase minority or majority stakes in greenfield and brownfield solar and wind projects, while it also has room to invest in energy storage and electric vehicle infrastructure. Projects are targeted with a minimum 8 percent return.

Mirova said it has already spent over €300 million through the fund, financing projects with about 600MW capacity in France, Portugal, Norway and Spain.

Mirova could not be reached for further comment.

Earlier this year, Natixis decided to separate its infrastructure investment business from Mirova as part of a bid to give its fund managers greate identities. The latter is now solely seen as its impact investing arm. The core infrastructure division is now known as Vauban Infrastructure Partners.