Natixis' Mirova buys 25-MW shovel-ready PV project in Portugal

Mirova, a wholly-owned unit of France's Natixis Asset Management, has acquired a 25-MW construction-ready solar park project in Portugal for an undisclosed sum.

The deal was carried out through renewable energy infrastructure fund Mirova-Eurofideme 3, the French firm said on Thursday. The vendor is Lisbon-based Hyperion Renewables, which will keep a minority interest in the project and will provide technical supervision.

The photovoltaic (PV) park, to be located in Evora, central Portugal, is slated to be commissioned at the start of next year, generating around 50 GWh of electricity per year. Its output is anticipated to be enough to meet the demand of 14,000 households annually and will be sold under a long-term power purchase agreement (PPA) with local group Axpo Iberia, a unit of Switzerland-based Axpo Group.

The project has a financing agreement with Portugal’s Banco BPI (ELI: BPI). Portuguese firm Jayme da Costa has been selected as engineering, procurement and construction (EPC) contractor.

Mirova-Eurofideme 3 was set up in mid-2014 to offer institutional investors access to companies developing renewable energy projects across Europe.

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