Valeco and Mirova team up to support green power
The Valeco Group, a major player in renewable energy project development in France, has sold 49% of a portfolio of nine wind and solar power projects in France totaling more than 180 MW to the Mirova-Eurofideme 3 fund, managed by Mirova, a subsidiary of Natixis Asset Management dedicated to responsible investment. These projects were developed and will be built by the Valeco Group which retains the remaining 51%.
The projects will become operational gradually between 2016 and 2018 and will generate 430 GWh of green electricity each year, the equivalent of the annual consumption of approximately 140,000 homes. The total investment is worth nearly €300 million, part of which consists of bank debt provided by a group of French banks, which also provided the Valeco Group and Mirova with an innovative financial structure, thereby facilitating the creation of an optimally timed transaction.
Following this new transaction, Mirova-Eurofideme 3 will have implemented a total of 12 investments equating to approximately €160 million in total (out of the fund's capacity of €350 million) since its creation and contributed to the financing of nearly
580 MW of renewable energy projects1.
1 Source: Mirova
Natixis Asset Management – Asset management company regulated by AMF under n° GP 90-009 – Limited Liability Company with share capital of €50,434,604.76 – RCS Number Paris 329 450 738 – Registered Office: 21 quai d’Austerlitz, 75013 Paris.
Mirova is a fully-owned subsidiary of Natixis Asset Management. Mirova – Public limited company with share capital of €7,461,327.50 – RCS Number Paris 394 648 216 – Approved by AMF under n° GP 02-014 – Registered Office: 21 quai d’Austerlitz, 75013 Paris.