Global clean energy enterprise TagEnergy is poised to further accelerate the energy transition following significant investments in the business by Mirova, a French leading sustainable asset manager, affiliate of Natixis Investment Managers, and Omnes, a leading private equity and infrastructure investor.
TagEnergy majority shareholder Impala SAS Group, owned by Jacques Veyrat, Omnes, and Mirova aim at investing €150 million each in the fund raising.
A €450 Million Capital Injection
The €450 million capital injection will drive the initial delivery of TagEnergy’s growing portfolio of more than 2.7GW in five countries – the UK, Spain, Portugal, France and Australia.
Impala and TagTeam Holding, the holding company for TagEnergy’s manager-shareholders, will continue to control the company. Impala remains the main shareholder with the largest stake under the new shareholding structure. Mirova and Omnes each hold a strong minority share.
Raphael Lance, Head of Mirova Energy Transition Funds, and Omnes Partner Marc-Philippe Botte will join the TagEnergy board.
TagEnergy Chief Executive Officer Franck Woitiez welcomed the capital injection from major like-minded investors and said the business would use the funds to deliver and grow its pipeline of projects across multiple international markets.
“Mirova and Omnes are seasoned investors in the renewable space who will support the TagEnergy management team as they continue to develop the business,” Franck Woitiez said.
“Both investors bring longstanding experience in partnerships with industrial players and both are aligned with TagEnergy’s long-term vision, and share strong financial capabilities and best-in-class1 environmental, social and governance (ESG) approach,” he said.
“This significant investment will underpin our rapid growth as we scale our operations to speed the transition to more sustainable, competitive and clean power sources.”
TagEnergy Chairman, Impala Chairman and Founder Jacques Veyrat said Impala’s investment as anchor shareholder in TagEnergy, with its market-driven culture and outstanding team, was a timely decision.
“We share TagEnergy's core values and principles of boldness, responsibility and flexibility. This capital raising is also a timely decision to support TagEnergy’s growth at a critical time of transition in the renewable energy industry. I look forward to the next stages of our development with confidence in the business and our new investor partners,” Jacques Veyrat said.
Two New Major Investors
Mirova is a mission driven2 asset manager with close to €28 billion in assets under management in which approximately €2 billion is invested in the energy transition infrastructure sector through five funds. Over the past 20 years, it has contributed to providing equity financing to more than 5.7GW of installed capacity and invested into more than 300 wind, photovoltaic, hydro, storage, biomass, and low carbon mobility projects in Europe.
“The strategy of Mirova’s renewable energy funds has always been to participate in building new installed capacity alongside industrial partners and project developers. We are glad to invest in the energy transition through the growth of a global leading developer like TagEnergy with projects across Europe including the UK and in Australia. From our recently opened office in Singapore, we are looking forward to supporting TagEnergy’s Australian project team for the biggest wind projects in the southern hemisphere.” Raphael Lance, Head of Mirova Energy Transition funds said.
Omnes has over €5 billion of assets under management. With over €3 billion under management purely in renewable energy investments, Omnes has developed specific expertise in renewables. Its dedicated Renewable Energy team has built a strong track record in accompanying renewable energy entrepreneurs in Europe and has become a leader in transforming European developers into independent power producers.
“Tag Energy represents the ninth investment of our fund which already has ownership of more than 17GW of projects in 14 countries. We believe the company has, under the management of Franck and his team and with its renowned investor base led by Impala, the ability to become a leading and disruptive clean power producer differentiated through agility and multi-local reach,” Serge Savasta, infrastructure managing partner at Omnes said.
“Our investment strategy is based on long-term partnerships and sharing common values with management. Trust, duration and close relationships are keys of our investments. We have built a significant relationship with TagEnergy management over recent years and are impressed by its achievements,” Marc-Philippe Botte, Partner at Omnes said.
TagEnergy was founded in 2019 by Jacques Veyrat and Franck Woitiez and his team to develop, deliver and operate clean power stations. Prior to the fundraising, Impala held 51 per cent of the TagEnergy business and TagTeam 49 per cent.
For Further Reading:
- Mirova and RIVE Private Investment Sell a Portfolio of Six Wind Farms in France to BKW
- Professio Energia Acquires Two Wind Farms From Mirova
- Mirova Inaugurates the Œillets Wind Farm in Fourcigny
- Akuo and Mirova have put Three Wind Power Plants into Service in Poland
- Mirova Joins Akuo to Finance 132 MW of Wind Power in Poland
- Final close at €857m for Mirova-Eurofideme 4
- Mirova Eurofideme 4 hits first close at 250M€ to support the energy transition in Europe
- Mirova’s Goya project wins ‘europe wind deal of the year’ award at 2018 PFI awards
- Energy Transition: Clean investments for yield-hungry investors
- Mirova acquires 25 MW solar photovoltaic project in Portugal
- The Renewable Energy Market in Europe
2 Introduced in France in 2018 under the Pacte Law, a ‘société à mission’ company must define its "raison d'être" and one or more social, societal or environmental objectives beyond profit. The purpose, and objectives aligned with this purpose, must be set out in its Articles of Association. The Articles specify the means by which the execution of the Mission will be monitored by a Mission Committee (a corporate body distinct from the board of directors which is responsible for monitoring the implementation of the mission with at least one employee.) An independent third party then verifies the execution of the Mission, via a written opinion which is annexed to the report of the Mission Committee to shareholders and made available on the website of the company for a period of five years.
Mirova is an affiliate of Natixis Investment Managers.
Portfolio management company - French Public Limited liability company
Regulated by AMF under n°GP 02-014
RCS Paris n°394 648 216
Registered Office: 59, Avenue Pierre Mendes France – 75013 – Paris.
Natixis Investment Managers
Natixis Investment Managers is a subsidiary of Natixis.
Portfolio management company - French Public Limited liability company
RCS Paris n°453 952 681
Registered Office: 43, Avenue Pierre Mendes France – 75013 – Paris.
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