Mirova’s latest European renewable energy projects fund has raised €250m at the first.

The Natixis Asset Management subsidiary said Mirova Eurofideme 4 secured commitments from European investors including a great number of Mirova’s existing investors.

Eurofideme 4 plans to raise between €500m and €700m. The fund will invest primarily in greenfield renewable energy projects using mature technologies, energy storage as well as electric mobility and charging infrastructures across Europe.

Raphael Lance, the head of energy transition funds at Mirova, said: “At Mirova, we believe that reaching a first close with a large majority of our long-term investors demonstrates that financing tomorrow’s infrastructure is now a top priority for institutional investors.

“The financing needs to support the development of energy transition infrastructure – be they renewable energy production facilities, energy grid or electrical mobility related – are massive should we ever want to reach the ambitious European greenhouse gas emission reduction targets.”

Mirova’s prior energy transition fund, Mirova Eurofideme 3 – closed at €353m in July 2016 – is now fully invested in a diversified portfolio of European infrastructure assets in line with its initial deployment timeline, the manager said.