Global Infrastructure Sherpa

Mirova and RP Global join forces in €480 million transaction to build a >2,500 MW(p) independent power producer

Type: Investment · Technology: Hybrid · Country: Italy · Capacity: 2500 MW · Value: $480M · Announced: 2024-10-09

Mirova committed €480 million in equity to form a new independent power producer with RP Global. This €480 million transaction establishes a platform to develop over 2.5 GW.

Analysis

The formation of a new independent power producer (IPP) platform, backed by Mirova's €480 million equity commitment to RP Global, strategically positions both entities to accelerate hybrid renewable energy development across seven European markets. This substantial equity injection from Mirova establishes a foundation to develop over 2.5 GW of capacity, targeting a diversified portfolio across Italy, Germany, France, Spain, Portugal, Poland, and Croatia. The commercial logic centers on leveraging RP Global's established development expertise in solar PV, onshore wind, and hydropower to rapidly scale a multi-gigawatt pipeline, de-risking deployment through geographic and technological diversification. This platform approach, rather than a single asset acquisition, indicates a long-term growth strategy for both parties in the European energy transition, capitalizing on varied market conditions in key regions like Germany and Spain. Mirova, as a mission-driven asset manager specializing in sustainable finance, is deploying significant capital into energy transition infrastructure, aligning directly with its core investment mandate. RP Global, an experienced renewable energy developer and investor across Europe and Africa, gains substantial funding to accelerate its project pipeline and expand its footprint in new markets such as Poland and Croatia. The transaction involved extensive advisory teams, with Nomura Greentech and KPMG Austria advising Mirova, while Lazard, EY, and BDO provided financial counsel to RP Global. Legal advisory was equally broad, with White & Case representing Mirova, and a consortium including Abreu Advogados (Portugal), Schönherr (Austria), Uría Menéndez (Iberia), and Clifford Chance (Portugal) advising RP Global, reflecting the multi-jurisdictional nature of the 2.5 GW platform. Mott MacDonald provided technical advisory for Mirova, underscoring the technical complexity of developing hybrid assets across diverse European grids.

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