ENGIE Acquires Mirova's 51% Stake in the Goya Wind Project

Source Company Press Release
Company ENGIE, Mirova, Natixis Investment Managers
Tags Country: Spain, M&A: Asset Deal, Deals, Renewables: Renewables News, Segment: Power
Date January 09, 2024

ENGIE, a world leader in low-carbon energy and services, has agreed to acquire 51% of the stake that Mirova, an affiliate of Natixis Investment Managers dedicated to sustainable investing, held until now in the Goya project. In this way,  ENGIE increases its participation from 15% to 66%. The Goya project includes seven wind farms in Aguilon, Azuara, Herrera de los Navarros and Fuendetodos (province of Zaragoza), which have been in operation since 2020 and have a total power capacity of 194 MW1.

  • With this operation, ENGIE consolidates itself as the majority partner of the project, increasing its participation from 15% to 66%.
  • Goya is a wind portfolio of 194 MW of capacity in Aragon, 100% operational since 2020.
  • The acquisition is aligned with ENGIE's strategic objectives, focused on promoting its growth in the Spanish market through renewable energies.
  • The operation represents the last exit of Mirova Eurofideme 3 (MEF3)2 and materializes its capacity to optimize a complex wind asset and contribute to the decarbonization and energy transition infrastructures worldwide.  

The Goya project is a unique and emblematic portfolio in the Spanish market for being the first renewable project in Spain to be built without subsidies and the first to sign a corporate Power Purchase Agreement (PPA), which it has been holding with ENGIE for 13 years. In October 2023, the project successfully obtained refinancing from Natixis CIB. MEF 3 initially syndicated its investment alongside RGREEN INVEST through its INFRAGREEN III fund, Rive Private Investment through their Etraph Finance fund and Apres Demain S.A.

With this transaction, ENGIE continues to consolidate its key strategic position in the renewable energy market in Spain. The acquisition is aligned with the growth strategy that the company is carrying out in the Spanish market, in which it already operates and manages an installed renewable capacity of 1,700 MW, of which 1,500 MW is wind, 136 MW comes from photovoltaic energy and 65 MW of hydroelectric energy3.

In recent years, ENGIE's subsidiary in Spain has carried out several corporate operations to integrate companies with relevant renewable wind portfolios, in line with the Group's strategy to grow in renewables to contribute to achieving a decarbonized future worldwide. With this increased participation in the Goya Project, ENGIE continues to support projects that contribute to the advancement of energy sustainability in Spain, to the generation of employment and to boost the local economy.

This transaction illustrates the relevance of MIROVA’s approach since the launch of its energy transition platform, which brings its know-how to invest in greenfield project and demonstrates how institutional investors can contribute to the energy transition while achieving financial performance. With the realization of this divestment, MIROVA should be able to offer double digit return to its investors in this MEF3, which will reach end of life in 2024.

In October 2023, MIROVA announced the project launch of  Mirova Energy Transition 6 (MET6)4, its sixth strategy dedicated to energy transition infrastructure, aiming to raise up to €2 bn. The fund will help to meet the financing needs for resilient infrastructure that is essential to the decarbonization of energy production and consumption. MET6 will build on the success of previous  MIROVA’s energy transition funds and will retain flexible investment approaches, drawing on the solid technical expertise of its teams and their strong relationships with established players in the industry.

Source: EvaluateEnergy® ©2024 EvaluateEnergy Ltd