Sustainability-focused investment manager Mirova announced today the launch of fundraising for Mirova Energy Transition 5 Fund (MET5), the firm’s fifth energy transition infrastructure fund, focused on the renewable energy and low-carbon mobility sectors. Mirova stated that it hopes to raise over €1 billion for the fund, and expects the fund to become operational by the end of the first quarter of 2021.
Mirova said that it has expanded its Energy Transition Infrastructure team to 22 in order to support its growth and invest in the new fund.
According to Mirova, the new fund will invest in current and emerging clean energy technologies, including onshore wind, solar power, hydroelectricity, biogas, and offshore wind farms, as well as in the low carbon mobility sector, supporting the growth of the electric vehicle sector and hydrogen. A new feature of the fund is the addition of geographic diversification, with the ability to invest up to 10% of the fund’s assets outside of Europe.
Raphael Lance, Head of Energy Transition Infrastructure Funds at Mirova, said:
“Renewable energy represents 20% of overall energy consumption in Europe. By 2030, this should rise to 32%. An investment of 1700 billion euros over the next ten years will be necessary to achieve this objective. As a responsible investor, we will continue to provide greater capital to sustainable and resilient infrastructure, and to give institutional investors the opportunity to play their part in the fight against climate change.”