French independent power producer (IPP) Girasole Energies has raised €96 million (US$103 million) to support and accelerate its growth in France.
Management company and Natixis Investment Managers’ subsidiary, Mirova, financed the French IPP which aims to reach commercial operation for more than 500MWp of solar PV projects by 2028.
At the beginning of the year, Mirova acquired a stake in the French IPP through its Mirova Energy Transition 5 (MET5) fund.
This year alone the company targets to add 260 power plants in operation for a total installed capacity of over 50MW.
With a focus on the commercial and industrial and agricultural markets, the IPP has more than 500 projects under development on rooftops, parking spots or ground-mounted.
The French company designs, finances, builds and operates the solar PV plants while retaining control of its assets over the long term.
“Our mission requires significant human and financial resources. Therefore, we are very pleased to partner with Mirova, a management company recognised in the field of financing energy and environmental transition. This partnership will enable us to participate more actively and quickly in decarbonising local areas,” says Aurélie Gaudillère, President of Girasole Energies.
Mirova continues to expand its funding in Europe after investing in October 2022 in Estonia-based IPP Sunly to build and expand its renewables portfolio in the Baltics and Poland.