Mirova, the responsible investment affiliate of Natixis Investment Managers dedicated to responsible investment, has acquired a 25 MW photovoltaic project in Portugal from local developer Hyperion Renewables, through its fund Mirova-Eurofideme 3.

The ready-to-build project entered into a project financing agreement with Portuguese bank Banco BPI; an engineering, procurement and construction (EPC) contract with Jayme da Costa; as well as a first-of-its-kind long-term power purchase agreement (PPA) with Axpo.

The project, located in the Evora region, is expected to be commissioned in early 2019 and will have an estimated yearly production of 50 GWh, equivalent to the annual consumption of 14,000 homes. Hyperion will retain a minority stake in the project and be in charge of technical supervision of the solar plant.

The development of this project has been extremely challenging for many different reasons. We are confident that the partnership with Mirova and its investment has reinforced the project’s robustness and credibility and, together with the deal’s key players - BPI, Axpo, Jayme da Costa - we are very keen to move forward with the construction and operation of the plant. Hyperion is pleased to be working with Mirova´s highly professional and experienced team,” commented Aytea Alvarez-Amandi, General Manager of Hyperion Renewables. “We are very pleased with our new partner and also willing to deepen the relationship with Mirova,” added Pedro Rezende, CEO.

Raphael Lance, Head of Energy Transition Funds at Mirova, welcomed the partnership: “We are delighted to be working with Hyperion, who are developing one of the largest photovoltaic portfolios in Portugal. The project, secured by a long-term PPA, has strong fundamentals, a prerequisite in a subsidy-free environment, and the quality of the management team was decisive in the investment decision. We look forward to pursuing our cooperation with Hyperion.

The deal is Mirova’s second renewable energy transaction in Portugal, Mirova-Eurofideme 3 having partnered with RP Global to finance the construction of a 10 MW hydro power plant that was recently commissioned.

To date, Mirova manages three funds dedicated to renewable energy for total assets under management of ca. €500 million, invested in 70 transactions and totalling 1.7 GW of installed capacity across Europe, through equity or mezzanine financing.

For Further Reading: About Mirova-Eurofideme 3
Mirova-Eurofideme 3 is a French professional capital investment fund created investing in renewable energy projects using proven technologies in their construction and operating phases across Europe.

The fund had its final closing at €353 million in June 2016. It is no longer open for subscription. Mirova-Eurofideme 3 has not been approved by any supervisory authority. The Fund’s investment objective, strategy and main risks are described in its regulatory documents. Its fees, charges and performances are also described in these documents. Investments in the Fund are mainly subject to loss of capital risk. Investments in Infrastructure portfolios are reserved for specific investors, as defined by their respective regulatory documentation.
An affiliate of Natixis Investment Managers
A subsidiary of Natixis Asset management
Limited liability company
Share Capital: €8 322 490.00 €
Regulated by the Autorité des Marchés Financiers (AMF) under n° GP 02014.
RCS Paris n° 394 648 216
59 avenue Pierre Mendès France
75013 Paris, France

Natixis Asset Management
An affiliate of Natixis Investment Managers
Limited liability company
Share capital €50,434,604.76
Regulated by the Autorité des Marchés Financiers (AMF) under no. GP 90-009
RCS Paris n°329 450 738
43 avenue Pierre Mendès France
75013 Paris, France

Natixis Investment Managers
RCS Paris 453 952 681
Share Capital: €178 251 690
43 avenue Pierre Mendès France
75013 Paris, France

This communication is for information only and is intended for investment service providers or other Professional Clients. The analyses and opinions referenced herein represent the subjective views of the author as referenced unless stated otherwise and are subject to change. There can be no assurance that developments will transpire as may be forecasted in this material.