Pursuing the same strategy as its predecessors, Mirova Eurofideme 4 is meant to channel institutional money towards the energy transition infrastructure financing. The Fund is meant to invest primarily in greenfield renewable energy projects using mature technologies, energy storage and grad, as well as electric mobility and charging infrastructures across Europe.
Commitments for the 250M€ first close held in October were secured from prominent European investors including a great number of repeat investors from Mirova Eurofideme 3, Mirova’s prior energy transition fund. The Fund target size is set at 500M€, reflecting a growing interest of institutional investors for this asset class which has reached an advanced stage of maturity in terms of technology, while the improved competitiveness of renewable energy infrastructure has significantly decreased the inherent risks associated over the last years. It is now a greater part of institutional investor portfolios who understood their potential and are willing to play a role in meeting the financing needs of the energy transition.
Mirova Eurofideme 3, closed at 353M€ back in July 2016, is almost fully invested in a diversified portfolio of European infrastructure assets in line with its initial deployment timeline. To date Mirova has contributed to the construction of over 170 renewable energy projects representing a total installed capacity of 1.8GW.
‘At Mirova, we believe that reaching a first close with a large majority of our long-term investors demonstrates that financing tomorrow’s infrastructures is now a top priority for institutional investors,’ says Raphael Lance, Head of Energy Transition Funds. ‘The financing needs to support the development of energy transition infrastructures – be they renewable energy production facilities, energy grid or electrical mobility related – are massive should we ever want to reach the ambitious European greenhouse gas emission reduction targets. Thanks to the renewed trust we’ve granted and we’re really proud of, we intend to keep building long-term relationships with industrial partners and therefore contribute to their growth plan.’
