RP Global and Mirova Forge €480 Million Partnership to Build 2,500 MW IPP in Europe
28 OCT, 2024
By Jose Luis Palmer from RankiaPro Europe
RP Global, a renewable energy developer, and Mirova, an affiliate of Natixis Investment Managers, have partnered in a €480 million deal to accelerate the development of a 2,500 MW independent power producer (IPP) across Europe. The financing includes €200 million from Mirova’s Energy Transition 6 fund (MET6) and €280 million from a co-investment vehicle managed by Mirova, with MET6 becoming a significant minority shareholder in RP Global.
Expanding European Renewable Infrastructure
The investment enables RP Global, which operates in Italy, Germany, France, Spain, Portugal, Poland, and Croatia, to expand its renewable portfolio. The company’s 14 GW pipeline primarily consists of solar PV, wind, and storage projects. With this funding, RP Global aims to deploy over 2,500 MW of assets over the next five years, driving Europe’s progress towards carbon neutrality. This includes hybrid projects to leverage energy market dynamics for long-term growth.
Strategic Partner Insights
Gerhard Matzinger, CEO of RP Global, emphasized that the partnership marks a pivotal moment in supporting Europe’s clean energy goals, expanding sustainable infrastructure throughout the region.
This new phase in our partnership with Mirova allows RP Global to drive our renewable energy project development and deployment efforts at a critical moment for Europe’s energy transition. The funding provided will help us expand our sustainable infrastructure initiatives across the region, advancing our shared goal of reducing carbon emissions, supporting the shift to cleaner energy, and building a successful, scale-critical IPP.
Gerhard Matzinger, CEO of RP Global
Jorge Rodríguez García, CFO of RP Global, highlighted the strengthened financial position and shared mission with Mirova to accelerate the sustainable energy transition.
We are thrilled to have Mirova as a strategic partner in this significant transaction. This €480 million deal marks a major milestone for RP Global as we continue to expand our renewable energy projects across Europe. Our collaboration with Mirova not only strengthens our financial capabilities but also highlights our shared commitment to accelerating the transition towards sustainable energy.
Jorge Rodríguez García, CFO of RP Global
Anne-Laure Messier, Investment Director at Mirova, expressed enthusiasm for reinforcing Mirova’s long-standing relationship with RP Global, noting that the investment aligns with the Paris Agreement’s targets.
We are delighted to deepen our collaboration with RP Global, a long-term partner of Mirova with whom we have built a relationship of trust and security for nearly 10 years. This significant new investment will enable RP Global to realise its ambitions to strengthen its IPP model on a European scale, aligning with the framework set out by the Paris Agreement to achieve net-zero emissions by 2050.
Anne-Laure Messier, Investment Director at Mirova
Raphaël Lance, Head of Energy Transition Funds at Mirova, emphasized the partnership's alignment with Mirova’s strategy to support critical decarbonized infrastructure.
This new transaction with RP Global aligns perfectly with our fund's strategy to enable institutional investors to participate in the transition to decarbonised energy. Mirova remains a long-term partner of the most experienced renewable energy developers, bringing industrial and financial expertise to foster their growth and accelerate these capital-intensive, critical infrastructures.
Raphaël Lance, Head of Energy Transition Funds at Mirova
Transaction Advisory
The transaction, expected to close in November pending antitrust approvals, was advised by Nomura Greentech (M&A), White & Case LLP (legal advisory), KPMG Austria (financial and tax), and Mott MacDonald (technical advisory).
