RP Global and Mirova join forces in a eur 480 million transaction to build a >2,500 MW(p) independent power producer (IPP)
October 09, 2024
The total amount of €480 million consists in equity and convertible bonds.
- The transaction covers the following markets: Italy, Germany, France, Spain, Portugal, Poland and Croatia.
- Mirova will invest €200 million, allowing another co-investment vehicle managed by Mirova to invest €280 million, and will become a relevant minority shareholder in RP Global.
- RP Global is a 40-year-old independent pan-European developer specialising in wind, solar photovoltaic, and storage projects.
Founded in 1984, RP Global is an independent renewable energy developer headquartered in Vienna, Austria, and Madrid, Spain and operating mainly in seven Western and Central European countries (France, Germany, Italy, Spain, Portugal, Poland, and Croatia). RP Global is actively developing a portfolio of >14 GW(p)2 primarily composed of solar photovoltaic, wind, and storage projects. With a first collaboration dating back to 2015, RP Global has been a long-term partner of Mirova, demonstrating significant expertise in the development, construction, operation, maintenance, financing, and sale of renewable energy assets.
Through this €480 million financing, Mirova will become a relevant minority shareholder in RP Global, enabling the company to become an independent power producer (IPP) and to intensify its efforts to accelerate Europe's transition to carbon neutrality. RP Global aims at building and commissioning more than 2,500 MW(p) of solar, wind and storage assets over the next five years whilst maturing the other GW of projects in development. The company will build several hybridised assets that hold strong potential for additional value creation in the energy markets.
Transaction closing is pending anti-trust clearances and is expected to happen in November.
“The new phase in our cooperation with Mirova enables RP Global to further our efforts in developing and deploying renewable energy projects at a crucial time for Europe's energy transition. The financing provided will help us expand our initiatives to build sustainable infrastructure across the region, advancing our shared goal of reducing carbon emissions and supporting the transition to cleaner energy, and building a successful IPP of critical size.” Gerhard Matzingery, CEO, RP Global
“We are thrilled to have Mirova as a strategic partner in this important venture. This €480 million transaction marks a significant milestone for RP Global as we continue to scale our renewable energy projects across Europe. The collaboration with Mirova not only strengthens our financial capabilities but also underscores our shared commitment to accelerating the transition to sustainable energy.” Jorge Rodríguez Garcia, CFO, RP Global
“We are very pleased to strengthen our collaboration with RP Global, a long-standing partner of Mirova with whom we have built confidence and trust over nearly 10 years. This significant new investment will enable RP Global to realise its ambitions to reinforce its IPP model on a European scale, which align with the framework set by the Paris Agreements to achieve net-zero emissions by 2050.” Anne-Laure Messier, Investment Director, Mirova.
“This new transaction signed with RP Global perfectly aligns with our fund's strategy to enable institutional investors to engage in the transition to a decarbonized energy. Mirova continues to be a long-term partner to the most expert renewable energy developers, bringing its industrial and financial expertise to foster their growth and acceleration of these critical and capital intensive infrastructure.” Raphaël Lance, Director of Energy Transition Funds, Mirova.
In this transaction, Mirova's teams were advised by Nomura Greentech (M&A), White & Case LLP (Legal), KPMG Austria (Finance and Tax), and Mott MacDonald (Technical Aspects). RP Global was advised by Lazard ((Paris/Madrid), M&A)), Schönherr (Legal), Uría Menendez (Legal), Clifford Chance (Legal) LPA-CGR (Legal), DWF, Madirazza & Partners (Legal), Abreu Advogados (Legal), Chatham Partners (Legal), Vector Renewables (Technical), Afry (Technical), Megajoule (Tecnical), BDO (Tax), EY (Tax), and Vanas & Partner (Tax)