Mirova’s €353m renewable energy infrastructure fund has acquired a solar project in Portugal.

The Natixis Asset Management subsidiary said it bought the 25MW photovoltaic project from local developer Hyperion Renewables, through its fund Mirova-Eurofideme 3.

Hyperion will retain a minority stake in the project and will be in charge of technical supervision of the solar plant.

No financial details were disclosed.

Mirova said the ready-to-build project has entered into a number of contracts, including a project financing agreement with Portuguese bank Banco BPI and an engineering, procurement and construction contract with Jayme da Costa.

The project has also signed a long-term power purchase agreement with Axpo.

Located in the Evora region, the project is expected to be commissioned in early 2019.

Raphael Lance, the head of energy transition funds at Mirova, said: “The project, secured by a long-term power purchase agreement, has strong fundamentals, which is a prerequisite in a subsidy-free environment, and the quality of the management team was decisive in the investment decision.”

The deal is Mirova’s second renewable energy transaction in Portugal through the Mirova-Eurofideme 3 fund, having partnered with RP Global to finance the construction of a 10 MW hydropower plant that was recently commissioned.

Mirova currently manages three funds dedicated to renewable energy