Allens and Linklaters have advised Mirova, a leading French sustainable asset manager affiliated with Natixis Investments Managers and part of the BPCE Group, on its proposed €150m investment in TagEnergy’s €450m funding round.
Mirova is joined by Impala SAS and Omnes Capital in this proposed investment. This funding is intended to be used by TagEnergy, which is based in Portugal, to drive the initial delivery of its 2.7GW portfolio of renewable energy projects in five countries – the UK, Spain, Portugal, France and Australia.
On transaction close, Impala and TagTeam Holding, the holding company for TagEnergy’s managers-shareholders, would continue to control the company. Impala would remain the main shareholder with the largest stake under the new shareholding structure. Mirova and Omnes would each hold a strong minority share.
TagEnergy was founded in 2019 by Jacques Veyrat and Franck Woitiez and his team to develop, deliver and operate clean power stations. Prior to this proposed funding round, Impala held 51 per cent of the TagEnergy business and TagTeam Holding 49 per cent.
Mirova, with nearly €28 billion of assets under management, has approximately €2 billion invested in the energy transition infrastructure sector through five of its funds. Over the past 20 years, it has helped provide equity financing for over 5.7GW of installed capacity and has invested in over 300 wind, PV, hydro, storage, biomass and low-carbon mobility projects across Europe.
Allens handled the Australian aspects of the transaction under the leadership of Kate Axup, partner and leader of Allens’ energy sector. Kate was supported by Jeremy Low, partner and co-head of Allens’ foreign investment desk, Jillian Button, Projects partner and head of climate change, Katherine McLellan, Real Estate senior associate and Kanana Fujimori, Projects associate.
The Linklaters Paris, Lisbon and London team was led by François April, Energy & Infrastructure partner, and Samuel Bordeleau, counsel in Energy & Infrastructure, with the Lisbon-based support of Diogo Barros Pereira, managing associate and Beatriz Morais, associate. Cyril Boussion, Tax partner, Pierre Zelenko, Antitrust & Foreign Investment partner, Nicolas Zacharie, counsel in Antitrust & Foreign Investment, completed the Paris-based team. The Linklaters London team included Francesca Matthews, Energy & Infrastructure partner, Sima Ostrovsky, counsel in Antitrust & Foreign Investment, Bakul Shah, Real Estate managing associate, Arun Kapoor, Laura Nunes Vicente and Will Morton, Energy & Infrastructure associates and Jakob Sesok, Antitrust & Foreign Investment associate. Our Lisbon-based team included Rui Camacho Palma, Tax partner, Marta Afonso Pereira, counsel in Corporate and José Maria Sacadura, Tax managing associate.
The transaction will be finalized after obtaining the applicable regulatory authorisations.