Sustainability-focused investment manager Mirova announced that it has raised €1.6 billion for the Mirova Energy Transition 5 (MET 5), its fifth – and by far largest – energy transition infrastructure equity fund, focused on the renewable energy and low-carbon mobility sectors.
The announcement caps off an 18-month round of fundraising, following the launch by Mirova of the fund in February 2021, initially hoping to raise over €1 billion.
Raphaël Lance, Director of Mirova’s energy transition infrastructure funds, said:
“This fundraising demonstrates investors’ confidence in our responsible investment strategy, which puts impact at the heart of its activity. It is part of our mission to provide capital for sustainable and resilient infrastructure, and to enable institutional investors to play an increasingly important role in the fight against climate change.”
The fund invests 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. To date, the fund has deployed €600 million across France, Poland and Belgium
One of the fund’s features is the addition of geographic diversification compared to the prior energy transition funds, with the added ability to invest up to 10% of the fund’s assets outside of Europe.
“Our role as a responsible investor encourages us to accelerate the deployment of financing solutions for the resilient infrastructure that is essential to the decarbonization of our energy production methods and uses.”