RP Global specialises in wind, solar photovoltaic and energy storage projects. Credit: Es sarawuth / Shutterstock.

French asset management company Mirova has announced an investment of €480m ($518m) in RP Global, an independent power producer (IPP), to support its 2.5GW pipeline of clean power projects across Europe.

The Mirova Energy Transition 6 (MET6) fund, a French limited partnership managed by Mirova, will provide €200m, while a further €280m will be supplied by a co-investment vehicle also managed by Mirova.

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The partnership allows MET6 to become a relevant minority shareholder in RP Global.

Mirova investment director Anne-Laure Messier stated: “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 aligns with the framework set by the Paris Agreements to achieve net zero emissions by 2050.”

RP Global has a development portfolio of 14GW of power projects including solar, wind and storage assets.

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The collaboration between Mirova and RP Global dates back to 2015.

Up to 2029, RP Global aims to develop and commission more than 2.5GW of solar, wind and storage assets, including several hybridised assets.

The transaction, which is still pending anti-trust clearances, will be finalised in November 2024.

RP Global CEO Gerhard Matzinger stated: “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.”