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>>>Mirova's GOYA project awarded at the 2018 PFI Awards

Mirova's GOYA project awarded at the 2018 PFI Awards

17/02/2019

Mirova's GOYA project named 'Europe Wind Deal of the Year' at the 2018 PFI Awards

Mirova, an affiliate of Natixis Investment Managers dedicated to responsible investing, is pleased to announce that the GOYA project – construction of a wind farm in Arago, Spain – owned at 51% by Mirova Eurofideme 3, was named 'European Wind Deal of the Year' at the PFI Awards 2018. Project Finance International Magazine is a Thomson Reuters subsidiary and a leading source of global project finance intelligence.

The 2018 PFI Awards Dinner, held earlier this month in London, was attended by Mirova’s Renewable Energy Team who closed this transaction.

‘This award honors an emblematic project. Apart from its significant size, this the first project 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 teh power byuer, Engie Spain. This is one of 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,’ claims 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 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.

 

Disclaimer

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.

Mirova Eurofideme 3 has not been authorized by the French Financial Market Authority (“AMF”) nor by any other supervisory authority. 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.
Any reference to a ranking and/or an award does not indicate the future performance of the fund or the fund manager.