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Mirova completes record fundraising for fifth energy transition infrastructure fund at €1.6bn

Mirova has raised €1.6 billion for the Mirova Energy Transition 5 (MET 5), its fifth energy transition infrastructure equity fund. 

 

This historic fundraising round, which lasted 18 months, is testament to the hard work of Mirova’s teams, who have been active in the energy transition infrastructure sector for 20 years. The team launched their first fund of €46 million in 2002 alongside ADEME to kick-start the wind energy sector in France. It then raised two further funds of €94 million in 2008 and €354 million in 2014 to open up to new geographies and technologies. Finally, the fourth fund raised €859 million in 2018 and extended its scope of activity to low-carbon mobility. Over the years, Mirova has financed more than 330 projects for a total of over 6.5 GW of potential generation capacity across Europe and Asia. 
   
Investments have also continued to keep pace with the growth of the sector. The fund has currently deployed €600 million in France, Poland and Belgium. It invests in proven technologies (onshore wind power, photovoltaic, hydroelectricity, storage) and in low-carbon mobility sectors, primarily to support the growth of the electric vehicle sector and the emergence of green hydrogen. 
 
Another major area of development for MET 5 is the opportunity to invest outside Europe. This geographic diversification can reach up to 10% of the fund’s assets and targets projects located in OECD member countries. Thus, the fund can invest in Asia, extending the partnerships forged with European developers into this region duplicating the models of projects already completed in Europe. A first significant investment has been made this way in Australia. 
 

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