Mirova to invest $518m in RP Global’s clean energy projects
French asset management firm Mirova has committed €480 million ($518 million) to RP Global, an independent power producer (IPP), to advance its 2.5 GW pipeline of clean energy projects across Europe. The investment is split between the Mirova Energy Transition 6 (MET6) fund, providing €200 million, and an additional €280 million from a co-investment vehicle managed by Mirova. This partnership makes MET6 a significant minority shareholder in RP Global.
Anne-Laure Messier, Mirova’s investment director, highlighted the long-term collaboration with RP Global, dating back nearly a decade. The new investment will help RP Global strengthen its IPP model on a European scale, aligning with the Paris Agreement’s framework for achieving net zero emissions by 2050. RP Global’s development portfolio includes 14 GW of solar, wind, and storage assets, with plans to commission over 2.5 GW of these projects, including hybrid assets, by 2029.
The transaction is currently awaiting anti-trust approvals and is expected to close in November 2024.
RP Global CEO Gerhard Matzinger expressed that this phase of cooperation with Mirova will accelerate RP Global’s renewable energy initiatives, supporting Europe’s energy transition by expanding sustainable infrastructure advancing shared goals of reducing carbon emissions and building a robust IPP presence.