Mirova, Omnes to fund growth of TagEnergy's 2.7-GW renewable portfolio

Global clean energy investor TagEnergy has received a EUR-450-million (USD 490.5m) capital boost from existing shareholder Impala SAS and new investors Mirova and Omnes to support the growth of its over 2.7-GW renewable energy pipeline.

Each of the three entities has contributed EUR 150 million as part of TagEnergy’s fundraising round, the latter said on Tuesday.

Following the initiative, Impala, which holds 46.5% of French renewable energy company Neoen (EPA:NEOEN), will remain the controlling shareholder of TagEnergy. Funds owned by Mirova, the sustainable investment unit of France's Natixis Asset Management, and Paris-based private equity and infrastructure investor Omens will each hold a minority share.

Before the fundraising, Impala owned 51% of TagEnergy’s stock. No information was given about the change of its holding post the transaction.

The fresh capital will help TagEnergy deliver wind, solar photovoltaic (PV) and energy storage projects totalling over 2.7 GW in the UK, Spain, Portugal, France and Australia.

“This significant investment will underpin our rapid growth as we scale our operations to speed the transition to more sustainable, competitive and clean power sources,” said Franck Woitiez, TagEnergy’s CEO.

Founded in 2019, TagEnergy in February became the majority equity investor in the AUD-3-billion (USD 2.27bn/EUR 2.09bn) Golden Plains wind project in Victoria, Australia. The over 1.3-GW wind park, set to become the largest of its kind in the Southern Hemisphere, will be coupled with 300 MWh of battery storage capacity. The project was originally developed by WestWind Energy.

(EUR 1.0 = USD 1.090)

(AUD 1.0 = USD 0.758/EUR 0.695)

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