RP Global has sold a majority stake (90%) in its Portuguese hydropower assets – a portfolio of four small hydro projects — to infrastructure fund Mirova. RP Global retains a minority stake and remains responsible for the plants’ operation.
The assets sold consist of four small hydropower plants in Northern Portugal’s Viseu district, with a total generating capacity of 33 MW. The specific projects were not named, but a search of RP Global’s website indicates the company owns a total of 11 small hydroelectric plants in Porttugal. The ones listed in the Viseu district are 2.6-MW Aguas Frias, 6.4-MW Carregal, 8.7-MW Ermida, 4.4-MW Paredes, 4.5-MW Pereira, 9.6-MW Sao Pedro do Sul, and 3.7-MW Vila Vicosa.
“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,” said Jorge Rodriguez, chief financial officer of RP Global. “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.”
Mirova, an affiliate of Natixis Investment Managers, is an asset manager dedicated to sustainability investing. Mirova has committed to channel financings towards essential and sustainable infrastructure projects most likely to address the challenges and opportunities of sustainable development – be they economic, social or environmental.
RP Global is a developer and independent power producer that draws its expertise from over 30 years of experience in the renewable energy sector, in which it implemented over 40 projects. The company’s focus is on hydro, wind and solar PV projects.