EIB invests EUR 40m in Mirova's third renewable energy fund
The European Investment Bank (EIB) has undertaken to invest EUR 40m in Mirova Eurofideme 3, the third renewable energy fund of Mirova, Natixis Asset Management's subsidiary for responsible investment.
This environmentally responsible investment by the EIB should be seen in the context of the priority attached by the European Union (EU) to climate action. In October 2014 the European Council adopted a target for the EU whereby renewable energy was to account for at least 27% of energy consumption by 2030 – a decision that made a significant contribution to the European Union's action plan in this area, which is at the heart of the preparations for the 21st United Nations Conference on Climate Change (COP, 21), due to be held in Paris at the end of 2015.
In this context the EIB's investment in the specialised Mirova Eurofideme 3 fund is emblematic. It will help to attract other investors in France and Europe to invest in the renewable energy sector, the key being the implementation of projects with a high economic and social impact.
Mirova's strategy is to contribute proactively towards mobilising capital to achieve a low-carbon economy. The launch in mid-2014 of Mirova Eurofideme 3, Mirova's third fund targeting renewable energy projects in Europe, demonstrates this proactive approach. To launch this fund, Mirova has relied on its 12 years of experience in managing projects in this field, which have enabled it to finance nearly 700 MW of new wind and solar photovoltaic projects in France and Sweden.
Commenting on the EIB's investment, Raphael Lance, Manager of Mirova's renewable energy funds, said: "We are very proud to welcome the EIB's involvement in Mirova Eurofideme 3. The confidence shown by our traditional investors and the EIB confirms our approach and our investment philosophy of entering into long-term partnerships with industrial developers in high-quality greenfield projects that will generate stable recurrent revenue. The additional investment capacity provided by the EIB will enable us to accelerate our investments in renewable projects in Europe, and this commitment marks an important stage in our fund-raising activities, which will continue in 2015." After carrying out two initial transactions in France, the team is currently examining numerous investment opportunities, particularly in northern Europe.
"It is a sustainable, innovative and socially responsible financing operation", commented EIB Vice-President Philippe de Fontaine Vive. “Our investment should be seen as part of a sustainable development approach aimed at reducing carbon emissions. I hope that this new investment vehicle will attract the interest of many financial market participants and will be able to finance new projects in the renewable energy sector."
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About the European Investment Bank
The European Investment Bank (EIB), whose shareholders are the Member States of the European Union (EU), is the EU's long-term financing institution. The EIB provides long-term finance in support of quality projects to contribute towards achieving the EU’s major objectives.
Mirova, the Responsible Investment subsidiary of Natixis Asset Management, provides committed management aimed at combining value creation and sustainable development.
Mirova’s philosophy is based on the conviction that integrating sustainable development themes can generate solutions that create value for investors over the long term, not only through better identification of the risks involved but above all in order to identify investment opportunities in a changing world.
Mirova offers a global responsible investing approach involving equities, fixed income, infrastructure, impact investing(1), voting and engagement. It has EUR 4.5bn in funds under management and EUR 38.3bn in voting and engagement. It has a team of some 40 multidisciplinary experts (specialists in thematic investment management, engineers, financial and environmental, social and governance analysts(2), project financing specialists and experts in solidarity finance). Mirova’s offering is marketed by Natixis Global Asset Management’s global distribution platform and is designed for all types of investors, both professional and non-professional.
About Natixis Asset Management
Natixis Asset Management, BPCE Group's asset management company, meets the financial savings and investment needs of the retail, self-employed and professional and SME customers of the Group's banking networks.
It is one of Europe's leading asset managers and has expertise in six key areas: fixed income, European equities, investment and client solutions, volatility and structured products developed by Seeyond(3), global emerging equities and responsible investing developed by Mirova.
Source: Natixis Asset Management as at 30/09/2014.
(1) Impact investing: high social/ environmental impact investing
(2)ESG: Environmental, Social/Societal and Governance.
(3)Seeyond is a brand of Natixis Asset Management.