The 2018 PFI Awards Dinner, held earlier this month in London, was attended by Mirova’s Renewable Energy Team who closed this deal.
“This award honors an emblematic undertaking. Apart from its significant size, this is one of the first projects to be implemented under the new Spanish procurement framework for the industry (Subasta) and jointly owned by the developer – Forestalia, the wind turbine supplier – General Electric, and the power buyer – Engie Spain. This is also the first wind power concession to be awarded without public subsidies or incentives (Feed-in Tariff mechanisms) whose financing was made possible thanks to a long-term private power purchase agreement (PPA). The GOYA project is a landmark transaction and a step forward in the promotion of clean energy production in Spain,” commented Raphael Lance, Head of Energy Transition Funds at Mirova. “It took a lot of dedication, creativity and energy from our investment team, industrial and financial partners to make it happen. This is a remarkable and truly collective achievement that we celebrate today.”
About PFI’s annual awards
PFI’s annual awards are one of the most prestigious and comprehensive event in the global project finance calendar. The Jury is made of PFI’s editorial team who reviews the pitches submitted by the project finance community before declaring the winner for each category.
Any reference to a ranking and/or an award does not indicate the future performance of the fund or the fund manager.
About Mirova Eurofideme 3
Mirova Eurofideme 3 has not been authorized by the French Financial Market Authority (“AMF”) nor by any other supervisory authority. The Fund’s Investment Manager is Mirova. The Fund’s investment objective, strategy and main risks are described in its regulatory documentation. Its fees, charges and performances are also described in these documents. Investments in this fund are mainly subject to loss of capital risk. The Fund is reserved for specific investors, as defined by its regulatory documentation.
About the GOYA project
- In April 2018, Mirova Eurofideme 3, a European energy transition fund managed by Mirova, acquired a 51% equity stake of a 300MW wind portfolio ready to build near Zaragoza, Aragon, alongside General Electric (25%), Engie (15%) and Forestalia (9%).
- The GOYA project was the winning bidder in Spain’s first auction for new renewables-based power generation facilities in early 2016, launched with the aim to boost the local industry whose growth was stopped by the withdrawal of public support mechanisms in 2011.
- The 9 wind farms of this cluster will not benefit from any regulated tariffs or public financial supports, but has secured a 12-year private power purchase agreement with a floor price with Engie Spain.
- A 120M€ bank financing was set up with a pool of Spanish banks, led by BBVA, and the European Investment Bank, which intervenes directly.
- General Electric’s 3.4 and 3.8MW wind turbines will be installed while Civil and Electrical works will be provided by a consortium composed of Engie, Acciona and Copsa.
- Construction started during the summer 2018 and commissioning will take place from June this year.
For further reading :
- Energy Transition: Clean investments for yield-hungry investors
- Mirova acquires 25 MW solar photovoltaic project in Portugal
- The Renewable Energy Market in Europe
- Mirova wins 3rd award in a row at SIATI 2017 with Mirova-Eurofideme 3
- Mirova recognised as “Energy Investor of the Year, Europe” for 2016 at the Infrastructure Investor Awards.
- Mirova finalises the closing of its third renewable energy fund, with 350M€ commitment
- Mirova and Valeco team up to support green power
Affiliate of Natixis Investment Managers
French Public Limited liability company with board of Directors.
Share Capital: €8 813 860
Regulated by the Autorité des Marchés Financiers (AMF) under n° GP 02014.
RCS Paris n° 394 648 216
59 avenue Pierre Mendès France
Natixis Investment Managers
RCS Paris 453 952 681
Share Capital: €178 251 690
43 avenue Pierre Mendès 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.