Natixis Investment Managers affiliate Mirova is injecting €140m into Portuguese renewable energy developer Hyperion Renewables to help the company expand.
Mirova is investing via its fifth energy transition infrastructure financing fund Mirova Energy Transition 5 (MET5) to support Hyperion’s organic growth plan and to help the company transition from being a developer to an independent power producer in Iberia.
Hyperion is a renewable energy developer with activities in Iberia and a growing presence in Europe. Since its inception in 2006, the company has developed over 50 large-scale solar projects totalling over 640MW that have reached ready-to-build stage, with over 370MW connected to the grid, of which 270MW is in Portugal.
Hyperion said MET5’s capital will drive the initial deployment of 3.4GW of Hyperion’s current pipeline, consisting of photovoltaic, wind, storage and green hydrogen projects, mainly in Portugal, “for a holistic and diversified strategy to speed energy transition”.
As part of the deal, Raphael Lance, head of Mirova’s energy transition funds, and Hélène Dimitracopoulos, Iberia investment director at Mirova, are joining the board of directors alongside existing shareholders Aytea Amandi, Hyperion’s CEO, and Pedro Rezende, Hyperion’s founder and executive chairman.
The latest transaction expands on Hyperion and Mirova’s relationship which started in 2018 when Mirova acquired a 90% stake in PV Vale de Moura, a 28MW solar project developed by Hyperion in Évora, Portugal.
In a joint statement, Amandi and Rezende said: “Mirova is the right partner for the acceleration of this transition since we have common core values and principles, as seen in the past years of our collaboration, as well as common development objectives for Hyperion.
“We will now be in a position to accelerate our efforts, driving innovation and expanding our impact, transforming our business and contributing to the global transition to a greener and more sustainable tomorrow.”
Dimitracopoulos said: “This alliance amplifies our collective strength and expertise, forged through previous investments and shared commitment to pioneering sustainable energy solutions. Hyperion’s agility in navigating the complexities of the industry perfectly complements Mirova resources and investment strategy.
“Together, we intend to accelerate the construction of new renewable assets, driving impactful change and shaping a resilient, greener future.”
Lance said: “Thrilled to embark on a new chapter of collaboration, we celebrate the partnership with Hyperion, whose proven track record and ambitious vision in renewable energy align seamlessly with the strategy of Mirova. Having successfully partnered in the past, we are honoured by the decision of Aytea and Pedro to open their capital to MET5.”
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