French fund manager Mirova has sealed a deal to buy a 49 percent stake in two wind farms in Croatia with a total capacity of 77.9MW for an undisclosed amount.
The sustainable investment subsidiary of France's Natixis Asset Management has acquired the stake from the projects’ developer, RP Global, with which it has partnered with twice before. The projects were commissioned in July 2014 and January 2016.
The deal is significant for Mirova’s portfolio diversification, with projects under its ownership mainly limited so far to France and Sweden. Mirova raised €350 million for its third renewables vehicle in July, almost doubling its target. Shortly beforehand, Hervé Guez, Mirova’s head of responsible research, told Infrastructure Investor the fund would invest half of its capital in France and the other half elsewhere in Europe.
“We are pleased to broaden our geographical footprint in Europe alongside RP Global, a very relevant partner due to their strong local presence in Croatia and the high quality of their technical and management team,” Raphael Lance, Mirova’s head of renewable energy funds, said in a statement.