Natixis’ Mirova backs five solar farms

The French fund manager has partnered with a subsidiary of GDF Suez to inject €81.6m in the 47MWp power portfolio.

Eurofideme II, a fund managed by Paris-based Mirova, has bought a 49.9 percent stake in a portfolio of five solar farms owned by La Compagnie du Vent.

The vehicle has agreed to team up with the renewable energy company, a subsidiary of French utility GDF Suez, to jointly recapitalise the plants with a €81.6 million equity injection.

La Compagnie du Vent will remain in charge of operating the assets, which are all located in the South of France and will have a combined capacity of 47 megawatts peak (MWp) once connected to the grid. The plants, expected to become fully operational by mid-2015, will generate about 66 million kilowatts hour (KWh) annually – enough to provide for the power needs of 37,000 people.

The deal remains subject to regulatory approval with a closing expected in the third quarter of 2014. It follows previous partnerships between Mirova and La Compagnie du Vent, the first of which was sealed in 2005 through the financing of French wind projects.

Mirova, a subsidiary of French banking group Natixis, was re-branded in November 2013 after being named Natixis Environment and Infrastructure. The firm manages the Cube Infrastructure Fund, which raised €1.08 billion in July 2010, as well as vehicles focused on renewable energy and public-private partnerships (PPPs).

Eurofideme II, which makes mezzanine, structured debt, and equity investments in European renewables projects, reached a final close on €93.8 million in March 2012. Its latest deal brings its total solar portfolio to more than 100MWp.