Mirova acquires a stake in Corsica Sole
Solar energy producer, developer, and storage operator Corsica Sole has signed a strategic agreement with Mirova. Mirova is taking a minority stake in the company and is setting up a bond financing programme for a total investment that could reach €80 million.
The deal will enable Corsica Sole to continue financing its development and marks the first investment of the Mirova Energy Transition V fund1, dedicated to renewable energies and energy transition. Mirova will become, from the first closing of the fund, the Corsica Sole reference shareholder alongside its founders, Paul Antoniotti and Michael Coudyser.
This transaction is part of a long-term relationship as Mirova has supported the company since 2014 by providing quasi-equity financing for more than 15 projects with storage, and by taking a stake in the capital of the subsidiary DRIVECO.
"This fundraising will accelerate the change of scale of our development while enabling us to stay true to our values," explains Michael Coudyser, CEO and founder of Corsica Sole.
"The partnership with Mirova, a leading investor in Renewable Energies, will strengthen our development and innovation capacity to meet the urgent need for energy transition in France and abroad."
"We selected Corsica Sole for the quality and reliability of its teams, its strength and its values," says Raphael Lance, Director of the Energy Transition Infrastructure Funds at Mirova.
"It is important for us to invest in a company that has a demonstrable track record in the management of innovative projects, and that has developed unique knowledge in the generation and storage of electricity and the construction of charging station networks. We are delighted to be able to support the two founders of Corsica Sole, Paul Antoniotti and Michael Coudyser, in this new growth phase of their company."
Corsica Sole's mission is to participate in the energy transition by working on the greenest solutions: the company favours low carbon impact technologies and guarantees the recycling of 100% of the photovoltaic modules installed. Corsica Sole develops and operates projects throughout France, with offices in Paris, Bastia, Bordeaux, Marseille, as well as in Guadeloupe, Martinique, French Guiana and Reunion Island, in order to be as close as possible to the field.
Corsica Sole was assisted in this transaction by Nomura, LPA-CGR and BKP & Associés, and Mirova by Tevali Partners, Cliperton and Everoze.