Mirova raises €857m

The French manager closes its fourth clean energy fund above target.

Mirova Environment and Infrastructure held a final close Tuesday of Mirova Eurofideme 4 at €857 million ($947 million), above the fund’s €500 million target. Mirova began fundraising last year and has invested €300 million into projects in France, Norway, Portugal and Spain since then.

The fund invests in European greenfield and brownfield projects in the onshore wind energy, hydropower and other established clean energy sectors, with an option to finance projects in less mature sectors like electricity storage.

The firm’s previous clean energy fund, Eurofideme 3, closed above a €200 million target at €350 million. That fund was in market for more than two years and closed in July 2016, PEI data shows. Mirova had raised two core infrastructure funds in the interim, Mirova Core Infrastructure Fund and Mirova Core Infrastructure Fund II.

The European Investment Bank committed an undisclosed amount to the fund.