Sustainability-focused investment manager Mirova announced today the acquisition by power company Engie of its 51% stake in the Goya project in Spain, a portfolio of seven wind farms with a total power capacity of 194 MW.

Initially awarded in 2016, the Goya project was the first renewable project in Spain to be built without subsidies. Construction on the project started in 2018, and it has been fully operational since 2020.

The project was also the first in the Spanish energy market to enter a Power Purchase Agreement (PPA) for wind farms under development in the country, signed with Engie in 2018.

Mirova acquired its 51% stake in Goya in April 2018 through its European energy transition fund Mirova Eurofideme 3 (MEF3), alongside Engie, which acquired a 15% stake, as well as General Electric at 25% and Forestalia. With the new transaction, Engie increases its stake in the project to 66%.

The companies said that the acquisition aligns with Engie’s growth strategy in Spain, adding to its existing installed renewable capacity in the country of 1.7 GW.

Loreto Ordóñez, CEO of ENGIE in Spain, said:

“For us, the Goya project is emblematic because it has demonstrated the commitment and interest of the Group in the Spanish energy sector, by promoting a long-term project that allows the generation of clean energy. With the acquisition of the stake held until now by MIROVA, ENGIE increases its ambition and commitment to actively contribute to the construction of a future in which energy is cleaner, more sustainable and more affordable. for all.”

The transaction represents the last exit of MEP3, which Mirova said will enable the fund to offer double digit return to its investors.

Raphaël Lance, Head of Energy Transition Funds of Mirova, said:

“The Goya project was a landmark transaction for Mirova Eurofideme 3 as being the first project developed by Forestalia under the new Spanish tender regime of 2016. It took a lot of dedication, creativity and energy from our investment team, industrial and financial partners to make it happen. We are pleased with this new transaction with ENGIE, a longstanding partner of MIROVA whom we have worked with on many wind, solar, and hydroelectric projects across Europe.”