The assets sold consist of a portfolio of four small hydropower plants in Northern Portugal’s Viseu district. Although Mirova is now the majority owner of the projects, RP Global retains a minority stake and remains responsible for the plants’ operation. This is the third such transaction between the two companies, who partnered up in a similar setting in Croatia in 2017 and 2016, whereupon Mirova became the majority owner of RP Global’s 77.9 MW wind pipeline on the Dalmatian coast.
RP Global’s CFO, Jorge Rodriguez commented: “The sale of majority stakes in projects in operation, while continuing to provide plant management services, allows RP Global to fast-track value creation and recycle capital to reinvest in cumulative growth and new projects. Mirova is the perfect partner for the type of transactions we are looking for – highly professional and responsible, looking for high quality assets to invest in and stable long-term partnerships that will provide security to all stakeholders involved.”
Mirova’s Head of Renewable Energy Funds, Raphael Lance, said: “We are delighted to increase our presence in Portugal with the acquisition of this portfolio of mini hydro projects benefiting from long term feed-in tariffs and bringing diversification to the energy generation profile of our Fund. A key element for us was to maintain the alignment of interest with RP Global, with whom we have built trust and fruitful relationship over the past years, RP Global keeping a minority stake as well as the operation of the assets by its highly qualified local team.”
For this deal, Mirova was advised by Procesl (technical advisory), Linklaters (legal Advisory) and Willis Towers Watson (insurance advisory), while RP Global’s advisor (legal) was Abreu Abogados.
Source: Company Press Release
