Law firm Stephenson Harwood LLP has advised Mirova, a management company dedicated to sustainable investment, on the launch of its new co-investment vehicle.

The structure of the investment vehicle was designed to ensure that co-investors were able to participate, alongside ENGIE and Crédit Agricole Assurances, in the acquisition of the second largest hydroelectric portfolio in Portugal, acquired from Energias de Portugal. The €2.2 billion deal, which completed in December 2020, has attracted some of Mirova’s existing investors in the current Energy Transition fund, Mirova Eurofideme 41 (MEF4), as well as new clients.

“We were pleased to advise on this major transaction, which is one of the largest renewable energy deals in Europe of the last decade,” said Tiana Rambatomanga, partner, Stephenson Harwood. “This was a strategically important deal for Mirova, as it diversifies and expands its portfolio into larger renewable assets. Our long-standing experience enabled us to provide market-leading, cross-disciplinary expertise on the structuring of the vehicle, which required a genuinely innovative approach.”

The Stephenson Harwood team was led by corporate partners Tiana Rambatomanga and Guillaume Briant, who were assisted by associates Duygu Keles, Boubacar Diao and Galien Devillers. Further assistance was provided by partner Olivier Couraud and associate Jeanne-Eve Lepinay Diday, who advised on the tax aspects of the deal.