Mirova to invest EUR 480m to back RP Global's European IPP ambitions

Image by RP Global.

French sustainable investment manager Mirova will pour EUR 480 million (USD 519.6m) into RP Global, a European renewables developer headquartered in Vienna and Madrid, to support its independent power producer (IPP) strategy.

Mirova's sixth fund dedicated to energy transition infrastructure, Mirova MET6, will invest EUR 200 million, while another co-investment vehicle managed by Mirova is set to contribute EUR 280 million,

The financing will allow MET6 to become a “relevant minority shareholder” of RP Global, according to a joint statement on Thursday.

The transaction, consisting of a mix of equity and convertible bonds, will support RP Global’s activities in seven markets -- Italy, Germany, France, Spain, Portugal, Poland and Croatia. The renewables company aims to build and commission over 2,500 MWp of solar, wind and storage assets over the next five years, while maturing another gigawatt of projects in development.

The deal requires anti-trust clearances and is expected to finalise in November.

(EUR 1.0 = USD 1.082)

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