Mirova invests €140M in Hyperion Renewables’ IPP shift

Hyperion was founded in 2006 and has, since then, registered a development track record of more than 50 large scale solar projects totaling over 640 MW that have reached Ready-to- Build (RtB) stage, with over 370 MW connected to the grid, of which 270 MW in Portugal. This represents close to 20% of all utility-scale solar capacity installed in Portugal by year-end 2022. Mirova’s investment, through Mirova Energy Transition 5 (MET5)¹, will support Hyperion’s strategic decision to continue its organic growth and transition from being a developer to an Independent Power Producer (IPP) of reference based in Iberia.

The capital injection² will drive the initial deployment of 3.4 GW of Hyperion’s current pipeline, consisting of photovoltaic (PV), wind, storage, and green hydrogen projects, mainly in Portugal, for a holistic and diversified strategy to speed energy transition.

Hyperion is one of the leading renewables services providers in Portugal with more than 600 MW of assets under management which have led the company to establish a strong organizational backbone to embrace the sector evolution anticipated for the next years, while maintaining a strong ESG focus. The company is well-positioned to capture the accelerated growth generated from the increasing renewable energy targets and the addition of new technologies (including storage and green hydrogen) and services, thanks to its highly experienced senior team with multi-GW development expertise.

Hyperion and Mirova have been collaborating since 2018, when Mirova acquired a 90% stake of PV Vale de Moura, a 28 MW solar project located in Évora, Portugal, developed by Hyperion that retained 10% equity. This pioneer project, in operation since 2019, represented an important milestone for Hyperion, as it was the first Iberian project with a long-term 10-year pool PPA (Power Purchase Agreement), signed with AXPO, and a project finance with Banco BPI. The stake of Hyperion in PV Vale de Moura and the asset management services allowed Hyperion and Mirova to maintain a close relationship that consolidated the trust and alignment between both parties, which will be reinforced by this new collaboration.

Aytea Amandi, Hyperion’s CEO and Pedro Rezende, Hyperion’s Founder and Executive Chairman, commented: “We are thrilled to announce a successful capital raise, that represents a significant milestone in Hyperion’s journey towards a sustainable future. Mirova is the right partner for the acceleration of this transition, since we have common core values and principles, as seen in the past years of our collaboration, as well as common development objectives for Hyperion. We will now be in a position to accelerate our efforts, driving innovation and expanding our impact, transforming our business, and contributing to the global transition to a greener and more sustainable tomorrow”.

“This alliance amplifies our collective strength and expertise, forged through previous investments and shared commitment to pioneering sustainable energy solutions. Hyperion’s agility in navigating the complexities of the industry perfectly complements Mirova resources and investment strategy. Together, we intend to accelerate the construction of new renewable assets, driving impactful change and shaping a resilient, greener future.” said Hélène Dimitracopoulos, Investment Director overlooking Iberia at Mirova.

“Thrilled to embark on a new chapter of collaboration, we celebrate the partnership with Hyperion, whose proven track record and ambitious vision in renewable energy align seamlessly with the strategy of Mirova. Having successfully partnered in the past, we are honored by the decision of Aytea and Pedro’s to open their capital to MET5.” added Raphael Lance, Head of Mirova Energy Transition funds.

The partnership with Hyperion is a landmark transaction for MET5, being the 18th and bringing the total commitments of the €1.6bn fund to more than 95%, considering the other transactions under exclusive discussions. Mirova is now working on its next vintage, aiming to raise up to €2 bn.

Raphaël Lance, Head of Energy Transition Fund at Mirova, and Hélène imitracopoulos, Investment Director at Mirova, are joining the Board of Directors alongside existing shareholders Aytea Amandi, CEO of Hyperion, and Pedro Rezende, Chairman.

Hyperion Renewables was supported by Linklaters as the legal adviser and Evercore as the financial adviser. Other advisers of Hyperion included EY for financial and tax Due Diligence (DD), DNV for technical DD, and Aurora for market DD.

Mirova was supported by Cuatrecasas as legal and tax advisers, and G-Advisory as technical advisers.

About Hyperion
Hyperion was founded in 2006 and since then, despite several periods of macroeconomic crisis, has registered an outstanding development track record of more than 50 large scale solar projects totaling over 640 MW that have reached RtB stage, with more than 370 MW connected to the grid, of which 270 MW in Portugal representing almost 20% of all utility-scale solar capacity installed in Portugal by year- end 2022. The company is managed by and Aytea Alvarez Amandi (CEO) and Pedro Rezende (Executive Chairman), with a very solid and experienced team of more than 40 members. This capital raise is an important step of Hyperion’s strategic decision to continue its organic growth and transition from being a developer to an Independent Power Producer (IPP) of reference based in Iberia.

About Mirova
Mirova is a management company dedicated to sustainable investments and an affiliate of Natixis Investment Managers. Through conviction management, Mirova’s goal is to combine long-term value creation and sustainable development. Pioneers in many areas of sustainable finance, Mirova’s talents aim to continue innovating in order to offer their clients solutions with high environmental and social impact. Mirova has been active in the energy transition infrastructure sector for 20 years and has financed more than 1000 projects for a total of over 7.3 GW of potential generation capacity across Europe and Asia. Reaffirming its position as a major European player in renewable energy, storage and 3 / 3 C1 – P ublic NatixisC1 – P ublic NatixisC1 – P ublic Natixis low-carbon mobility, the company has recently completed the raising of €1.6 billion for its fifth energy transition infrastructure equity fund.

Mirova and its affiliates manage €28.4 billion and €3.4 billion for energy transition infrastructure investments as of September 30, 2023. Mirova is mission-driven company, labeled B Corp*.
*The reference to a ranking or a label does not prejudge the future performance of the funds or its managers

About Natixis Investment Managers
Natixis Investment Managers’ multi-affiliate approach connects clients to the independent thinking and focused expertise of nearly 20 active managers. Ranked among the world’s largest asset managers1 with more than $1 trillion assets under management2 (€1 trillion), Natixis Investment Managers delivers a diverse range of solutions across asset classes, styles, and vehicles, including innovative environmental, social, and governance (ESG) strategies and products dedicated to advancing sustainable finance. The firm partners with clients in order to understand their unique needs and provide insights and investment solutions tailored to their long-term goals. Headquartered in Paris and Boston, Natixis Investment Managers is part of the Global Financial Services division of Groupe BPCE, the second-largest banking group in France through the Banque Populaire and Caisse d’Epargne retail networks. Not all offerings are available in all jurisdictions.

Natixis Investment Managers’ distribution and service groups include Natixis Distribution, LLC, a limited purpose broker-dealer and the distributor of various U.S. registered investment companies for which advisory services are provided by affiliated firms of Natixis Investment Managers, Natixis Investment Managers S.A. (Luxembourg), Natixis Investment Managers International (France), and their affiliated distribution and service entities in Europe and Asia.

¹Cerulli Quantitative Update: Global Markets 2022 ranked Natixis Investment Managers as the 18th largest asset manager in the world based on assets under management as of December 31, 2021.
¹Assets under management (“AUM”) of current affiliated entities measured as of December 31, 2022 are $1,151.3 billion (€1,078.8 billion). AUM, as reported, may include notional assets, assets serviced, gross assets, assets of minority-owned affiliated entities and other types of non-regulatory AUM managed or serviced by firms affiliated with Natixis Investment Managers.