Global clean energy investment company TagEnergy has received a €450m capital injection from Mirova and Omnes funds and its majority shareholder Impala SAS Group.
TagEnergy said Mirova’s Energy Transition 1, the value-add Omnes-managed Capenergie 4 fund and shareholder Impala have each made a €150m investment to help drive TagEnergy’s initial delivery of its 2.7GW portfolio in the UK, Spain, Portugal, France and Australia.
Impala and TagTeam Holding, the holding company for TagEnergy’s manager-shareholders, will continue to control the company. Impala remains the largest shareholder with Mirova and Omnes each holding a “strong minority share”.
Raphael Lance, the head of Mirova’s energy transition funds, and Omnes partner Marc-Philippe Botte will join the TagEnergy board.
TagEnergy’s CEO Franck Woitiez, said: “Mirova and Omnes are seasoned investors in the renewable space who will support the TagEnergy management team as they continue to develop the business.
“Both investors bring longstanding experience in partnerships with industrial players and both are aligned with TagEnergy’s long-term vision, and share strong financial capabilities and best-in-class 2 environmental, social and governance approach.”
Woitiez said the capital injection “will underpin our rapid growth as we scale our operations to speed the transition to more sustainable, competitive and clean power sources”.
TagEnergy chairman, Impala chairman and founder Jacques Veyrat, said: Impala’s investment as anchor shareholder in TagEnergy, with its market-driven culture and outstanding team, was a timely decision.
“We share TagEnergy’s core values and principles of boldness, responsibility and flexibility. This capital raising is also a timely decision to support TagEnergy’s growth at a critical time of transition in the renewable energy industry. I look forward to the next stages of our development with confidence in the business and our new investor partners.”
Lance said: “The strategy of Mirova’s renewable energy funds has always been to participate in building new installed capacity alongside industrial partners and project developers.
“We are glad to invest in the energy transition through the growth of a global leading developer like TagEnergy with projects across Europe including the UK and in Australia.”
Serge Savasta, infrastructure managing partner at Omnes said: “Tag Energy represents the ninth investment of our Capenergie 4 fund which already has ownership of more than 17GW of projects in 14 countries.
“We believe the company has, under the management of Franck and his team and with its renowned investor base led by Impala, the ability to become a leading and disruptive clean power producer differentiated through agility and multi-local reach.”
Botte said: “Our investment strategy is based on long-term partnerships and sharing common values with management.
”Trust, duration and close relationships are key to our investments. We have built a significant relationship with TagEnergy management over recent years and are impressed by its achievements.”
To read the latest edition of the latest IPE Real Assets magazine click here.
