Austria: Schoenherr advises RP Global on Mirova's EUR 480m investment

The cooperation between RP Global and Mirova aims at the joint development, construction, operation and marketing (including sale) of projects and investments in renewable energy projects. This includes wind power, photovoltaics, established electricity storage technologies, green hydrogen (Green H2), geothermal energy, hydropower, hybrid projects and the provision of related services.

RP Global, headquartered in Vienna and Madrid, is a large-scale developer with over 40 years of experience in the renewable energy sector. As a developer, operator and investor, the company focuses on solar PV, wind, hydro and storage. Currently, RP Global is developing a pipeline of 16 GW(p). Through this EUR 480m investment, Mirova will become a significant minority shareholder of RP Global, enabling the RP Global group to become an independent power producer (IPP) and intensify its efforts to accelerate Europe's transition to carbon neutrality. RP Global aims to build and commission more than 2,500 MW(p) of solar, wind and storage assets over the next five years, whilst maturing the other GW of projects under development. The company will build several hybridised plants that hold strong potential for additional value creation in the energy markets.

Headquartered in Paris, Mirova is a global asset management company dedicated to sustainable investment and an affiliate of Natixis Investment Managers. As of 30 September 2023, the company and its affiliates manage EUR 28.4bln.

The transaction was the successful result of a structured auction process and required, inter alia, a comprehensive pre-signing restructuring of the RP Global Group. Schoenherr acted as lead counsel RP Global for the structuring, drafting and negotiating the transaction documentation and – with the assistance of Schoenherr's web-based transaction platform services – for the overall project management of the transaction.

The Schoenherr team was led by Robert Bachner (partner), Stephan Rödler (counsel) and Daniel Wadl (attorney at law), and further consisted of Franz Urlesberger (partner), Evelin Hlina (counsel), Gabriel Ebner (attorney at law), Roland Misic (associate) and Constantin Maras (associate).

Uria Menendez (Spain), Abreu Advogados (Portugal), LPA-CGR avocats (France), Madirazza & Partners (Croatia), Chatham Partners (Germany), DWF (Italy) and Clifford Chance (Poland) provided vendor due diligence services related to local projects of the RP Global Group.

White & Case (Paris) acted as lead counsel to Mirova.