In line with its responsible investor philosophy, Mirova is committed ...
Mirova launches Mirova Eurofideme 3, a fund dedicated to renewable energy infrastructure
Building on the success of the Fideme (2002) and Eurofideme 2 (2008)(1) funds, Mirova created Mirova Eurofideme 3 to offer European institutional investors access to project-companies that are developing renewable energy assets across Europe (mainly in the wind and photovoltaic space).
Pioneering expertise in renewable energy
The investment strategy is based on developing long-term partnerships with industrial companies by co-investing and providing support during the construction and operational stages. Once the infrastructure projects have been running for several years, the fund will exit the projects and sell them on to industrial or financial players.
Mirova has over 10 years’ experience investing in renewable energy projects and is one of the first European asset managers to launch a 3rd fund on this particular expertise. Mirova draws on a team of dedicated experts who manage a portfolio of high quality and diversified investments in France and in Europe. During the past 10 years, Mirova’s Renewable Energy team has invested in 66 projects (including 31 wind farms) and has supported the construction of production facilities generating 700 megawatts of clean energy(2).
Renewable energy, a high potential market
Energy transition and the fight against climate change have fostered a particularly favourable environment for investment in renewable energy. Europe leads the global renewable energy market, which is further buoyed by public policies that are driving the growth of the industry. According to the targets set by European Union in 2008, by 2020 20% of our final energy consumption should be generated from renewable sources. The European commission pushed the boat even further, suggesting that 27% of total energy be renewable by 2030. In 2013, on a global scale, investment in assets producing renewable energy reached $149.2 billion(3) and for the first time in Europe, more electricity was produced from renewable sources than from coal or nuclear facilities(4).
Raphaël Lance, Head of Infrastructures Renewable Energies, Mirova, adds: “Renewable energy infrastructure provides an attractive, tangible asset class closely connected with the real economy and which addresses people’s direct and concrete needs. It enables professional investors to diversify their portfolios through assets carrying moderate risk, in a fast growing and forward-looking sector. These investments aim to protect against inflation and market volatility, while generating regular returns”.
The fund, which targets professional investors only, aims to raise 200 million euros and generate a net TRI of 10 to 11%.(5)
(1) Fideme is a FCPI fund with €46 million under management. Eurofideme 2 is a FCPI fund with €94 million under management.
(2) Source: Mirova June 2014, of which 45 MW in the process of closing
(3) Source : Mirova 31/12/2013
(4) Source: Survey conducted by Enerdata
(5) the target TRI is neither guaranteed, nor a contractual commitment
This fund is not subject to approval by the Autorité des Marchés Financiers and may employ investment rules derogating from those governing approved funds. These are provided in the Fund Regulation. The fund is currently not available for sale outside of France; consequently, the distribution, possession or handover of this document in or from certain jurisdictions may be limited or unauthorized from a legal point of view.