Corporate Newsletter Q2 2021
Investing in Sustainability? Yes but how
Learn about what happened at Mirova during Q2 2021.
Equities & Fixed Income
Global Equity strategy exceeds $1 billion under management in the United States
On June 24, Mirova US announced that the assets under management in the United-States of the Global Equity strategy had passed the $1 billion mark.
CNBF reaffirms its trust in Mirova
Following a call for tender launched in January 2021, the Caisse National des Barreaux Français (CNBF) announced that it had chosen the asset management companies to which it would entrust the management of mandates in the following asset classes: bond management, passive equity management, active equity management and flexible management. CNBF has reaffirmed its trust in Mirova, allowing us to keep the mandate managed since 2018 in the active equity management category, on the sustainable euro equity strategy led by Soliane Varlet.
Résidétape creates Novétape, a solidarity property company, and raises €6 million to develop the Résidétape concept
In order to finance its first projects in Greater Paris, Novétape raised €6 million in May 2021 from leading social impact investment companies: AMUNDI, BNP Paribas Asset Management, Mirova and Phitrust Partenaires Europe.
Read the press release (in French)
First investments for Mirova's Brazilian Strategy
On April 15, Mirova announced the closing of two new deals for its specialised investment fund dedicated to restoring biodiversity in the Brazilian Amazon.
Mirova joins forces with several partners to improve the management of Belize's marine protected areas and contribute to its blue economy
On June 24, Mirova, UICN, Turneffe Atoll Sustainability Association (TASA), Blue Finance and the Belize Ministry of the Blue Economy announced their partnership in a $1.2 million initiative to improve the management of Belize's marine protected areas and contribute to its blue economy while positively impacting coastal fishing communities.
Mirova's Land Degradation Neutrality Fund exceeds $200m of commitments for its final close
On July 1st Mirova announced the final close of the Land Degradation Neutrality Fund ("LDN Fund") over $208 million. The impact investment fund invests in profit-generating sustainable land use and land restoration projects in developing countries. The fund was initiated by the UNCCD and is independently managed by Mirova.
LAND DEGRADATION NEUTRALITY FUND is a Luxembourg Special Limited Partnership (Société en Commandite Spéciale), closed to new subscription. Mirova is the management company. The supervisory authority approval is not required for this fund. Investment in the fund involves risks, in particular: loss of capital risk, deal flow risk, operational risk, liquidity risk, country risk, market risk, legal and regulatory risk, currency risk, counterparty risk, project risk, valuation risk.
Energy Transition Infrastructure
Mirova acquires a stake in Corsica Sole
On April 21, Mirova has taken a minority stake in the solar energy producer, developer, and storage operator Corsica Sole and has set up a bond financing programme for a total investment that could reach €80 million. With this deal, Mirova secures the first investment of its new strategy dedicated to renewable energies and energy transition.
The services of the energy transition strategies are only available to eligible counterparties within the meaning of the funds' regulatory documents.
Octopus Renewables acquires minority stake from Mirova in 85.8 MW Swedish wind farm
Octopus Renewables, specialist clean energy investor arm of Octopus Group, and Mirova, announced on May 19 the acquisition of a 49% stake in the Rodene onshore wind farm by Octopus Renewables from Mirova.
Refinancing of a 342 MW Spanish wind portfolio majority owned by Mirova
Mirova completed the refinancing of a Spanish wind portfolio, co-owned with the Spanish developer Forestalia and Engie. The portfolio consists of 91 turbines in operation with a total capacity of 342 MW. While the deal was initially financed by short-term debt in April 2019, the sponsors have reached an agreement with a group of 5 lenders (Abanca, Bankinter, Sabadell, Société Générale et Unicredit) for the implementation of a long-term debt package of more than €200 million.
Regulation & Engagement
SFDR, new milestone on the road to transforming the financial industry
Improving the transparency of financial institutions on environmental and social issues is a strongpoint of the European Commission's action plan on sustainable finance. The cornerstone of this enhanced transparency, the Sustainable Finance Disclosure Regulation (SFDR) entered into force in March 2021 for its initial phase.
Let's meet our ambitions on both sides of the Atlantic to fight against climate change
The Biden-Harris administration has renewed with the fight against climate change and brought the United States back into the Paris Climate Agreement. Our CEO1 Philippe Zaouati and several European CEOs are calling on the United States to be as bold and ambitious as Europe with the Green Deal, which will mobilise €250 billion to fight climate change in just three years2. The signatories of this letter commit to strengthen their cooperation to move forward together towards the same goal: achieving carbon neutrality by 2050.
 Chief Executive Officer
 Source : European Commission
Mirova supports the European Union initiative to mandate public country-by-country reporting for multinational companies
On May 26, the Principles for Responsible Investment (PRI) and 35 signatories including Mirova (representing $5.6 trillion in assets under management) welcomed the European Union initiative to mandate public country-by-country reporting for multinational companies.
Mirova: Creating Sustainable Value #7
Understanding the markets, investing, engaging in dialogues, measuring Impact. On May 11, Mirova published the seventh issue of "Mirova: Creating Sustainable Value".
Renewable infrastructure as an asset class
The renewable energy production infrastructure sector has reached maturity and offers investment opportunities with a good risk/return ratio, while participating in the reduction of greenhouse gas emissions. It is thus able to address both environmental issues and the need for investors to deploy capital. In this publication we look at the characteristics of renewable energy infrastructure as an asset class in its own right.
At the dawn of a new era
As Joe Biden prepared for the inauguration, he tweeted "It's a new day in America". And what a day! Hours after taking the presidential oath, Biden announced that the United-States would rejoin the Paris Climate Agreement as promised during his electoral campaign (in essence the starting of a new climate era in the United States and the global race to a net zero economy).
The G Factor
The world is changing, led by long term transitions: demographic, technological, environmental and related to corporate governance. In this interview, Amber Fairbanks and Manon Salomez give their view on the impact of Covid-19 on corporate governance, and share Mirova's vision, putting the emphasis on the creation of shared value over the long term.
Renewable energy in light of grid parity
The gradual reduction of public support measures is ushering renewable energies into a new era: that of autonomy on electricity trading markets. The way in which the associated risks are managed (volatility, cannibalisation effects, modification of the supply/demand equilibrium, buyer consideration, etc.) therefore becomes a fundamental issue in the project's business plan and consequently for all stakeholders. In this article, Mirova offers a look at merchant risk, how it can be analysed, the strategies to guard against it and the opportunities that can be seized.
A Tech Odyssey
The pandemic witnessed faster adoption of certain technologies such as Cloud computing or e-Commerce, as well as a strong data proliferation. However, it did not change the environmental and social challenges that we face, and how technology can address these. When it comes to technology, sustainability can be quite an odyssey, as solutions never come without risks.
Events & Sponsorship
Is diversity really a source of value?
Natixis Investment Managers and Mirova organised an event on May 4 to illustrate the link between diversity and performance. The conference featured six key speakers: Philippe Zaouati, (CEO, Mirova), Soliane Varlet (Mirova Women Leaders strategy Manager, Mirova), Yves Chapot (General Manager & group CFO, at Michelin), Clarisse Crémer (Skipper Banque Populaire, holder of the women's record in the Vendée Globe, and company founder), Jeanne Dubarry de Lasalle (Consultant, co-author of the report "Acting for parity, performance at stake" at Accellency), Philippe Sebag (Vice-President of Ircantec, President of Préfon, Director of ERAFP).
Watch the replay (in French)
Mirova supports the Inclusion and CSR Dialogues
On May 27, the 10th edition of the "Inclusion and CSR Dialogues", of which Mirova was a sponsor this year, took place at Bercy. Philippe Zaouati spoke on the panel "Sustainable and responsible finance: has the health crisis been a turning point?"
Learn more about this event (in French)
Let's talk about useful savings, the Facebook Live event of Caisse d'Epargne
Caisse d'Epargne organised its first Facebook Live event dedicated to useful savings on June 17. Live for 45 minutes, Philippe Zaouati answered questions from the group networks and Internet users.
Watch the replay (in French)
Awards & Rankings
Mirova wins two awards at Environmental Finance's Sustainable Investment Award 2021
On June 28, the reference media of the environmental transition Environmental Finance awarded Mirova the "Real assets manager of the year" prize for Mirova's unlisted activities and the "Renewables fund of the year" prize for the latest strategy of the Environmental Transition Infrastructure team.
For more information on the reward methodology, please refer to the website https://www.environmental-finance.com/content/awards/sustainable-investment-awards-2021/winners/
Le Revenu recognises our global equity strategy
At the end of May, at the Trophées du Revenu awards for the best 2021 mutual funds, Mirova's global equity strategy won the Gold Trophy in the Global Equity category among the SRI Trophies.
For more information on the reward methodology, please refer to the website https://www.lerevenu.com/
Mirova recognised at the Refinitiv Lipper Fund Awards 2021 for its equity and fixed income management
Mirova was recognised at the Refinitiv Lipper Fund Awards 2021 in the "small company" category as the best management company for the quality of its bond management over 3 years in Europe, Germany, the Netherlands, Switzerland and the United Kingdom.
In the same "small company" category, Mirova was also recognised as the best management company for its equity management over 3 years in France.