Apr 12 2022
TagEnergy welcomes two new major investors, Mirova and Omnes, to support its global project pipeline and speed energy transition
Global clean energy enterprise TagEnergy is poised to further accelerate the energy transition following significant investments in the business by Mirova, a French leading sustainable asset manager, affiliate of Natixis Investment Managers, and Omnes, a leading private equity and infrastructure investor.
TagEnergy majority shareholder Impala SAS Group, owned by Jacques Veyrat, Omnes, in particular with its Capenergie 4 fund and Mirova, through its new Energy Transition fund aim at investing €150 million each in the fund raising.
A €450 million capital injection
The €450 million capital injection will drive the initial delivery of TagEnergy’s growing portfolio of more than 2.7GW in five countries – the UK, Spain, Portugal, France and Australia.
Impala and TagTeam Holding, the holding company for TagEnergy’s manager-shareholders, will continue to control the company. Impala remains the main shareholder with the largest stake under the new shareholding structure. Mirova and Omnes each hold a strong minority share.
Raphael Lance, Head of Mirova Energy Transition Funds, and Omnes Partner Marc-Philippe Botte will join the TagEnergy board.
TagEnergy Chief Executive Officer Franck Woitiez welcomed the capital injection from major like-minded investors and said the business would use the funds to deliver and grow its pipeline of projects across multiple international markets.
“Mirova and Omnes are seasoned investors in the renewable space who will support the TagEnergy management team as they continue to develop the business,” Franck Woitiez said.
“Both investors bring longstanding experience in partnerships with industrial players and both are aligned with TagEnergy’s long-term vision, and share strong financial capabilities and best-in-class environmental, social and governance (ESG) approach,” he said.
“This significant investment will underpin our rapid growth as we scale our operations to speed the transition to more sustainable, competitive and clean power sources.”
TagEnergy Chairman, Impala Chairman and Founder Jacques Veyrat said Impala’s investment as anchor shareholder in TagEnergy, with its market-driven culture and outstanding team, was a timely decision.
“We share TagEnergy’s core values and principles of boldness, responsibility and flexibility. This capital raising is also a timely decision to support TagEnergy’s growth at a critical time of transition in the renewable energy industry. I look forward to the next stages of our development with confidence in the business and our new investor partners,” Jacques Veyrat said.
Two new major investors
Mirova is a mission driven asset manager with close to €28 billion in assets under management in which approximately €2 billion is invested in the energy transition infrastructure sector through five funds. Over the past 20 years, it has contributed to providing equity financing to more than 5.7GW of installed capacity and invested into more than 300 wind, photovoltaic, hydro, storage, biomass, and low carbon mobility projects in Europe.
“The strategy of Mirova’s renewable energy funds has always been to participate in building new installed capacity alongside industrial partners and project developers. We are glad to invest in the energy transition through the growth of a global leading developer like TagEnergy with projects across Europe including the UK and in Australia. From our recently opened office in Singapore, we are looking forward to supporting TagEnergy’s Australian project team for the biggest wind projects in the southern hemisphere.” Raphael Lance, Head of Mirova Energy Transition funds said.
Omnes has over €5 billion of assets under management. With over €3 billion under management purely in renewable energy investments, Omnes has developed specific expertise in renewables. Its dedicated Renewable Energy team has built a strong track record in accompanying renewable energy entrepreneurs in Europe and has become a leader in transforming European developers into independent power producers.
“Tag Energy represents the ninth investment of our Capenergie 4 fund which already has ownership of more than 17GW of projects in 14 countries. We believe the company has, under the management of Franck and his team and with its renowned investor base led by Impala, the ability to become a leading and disruptive clean power producer differentiated through agility and multi-local reach,” Serge Savasta, infrastructure managing partner at Omnes said.
“Our investment strategy is based on long-term partnerships and sharing common values with management. Trust, duration and close relationships are keys of our investments. We have built a significant relationship with TagEnergy management over recent years and are impressed by its achievements,” Marc-Philippe Botte, Partner at Omnes said.
TagEnergy was founded in 2019 by Jacques Veyrat and Franck Woitiez and his team to develop, deliver and operate clean power stations. Prior to the fundraising, Impala held 51 per cent of the TagEnergy business and TagTeam 49 per cent.
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1/ Biographies of new board members
Raphael Lance, Head of Energy Transition Funds
Raphaël joined Mirova (100% affiliate of Natixis IM) in 2009 as Managing Director of the renewable energy funds with around €2.2 billion assets under management across five funds, invested in 200 projects across Europe, and 5.7GW of capacity. He is leading a team of close to 25 professionals
Raphaël started his career at Crédit Lyonnais in the Project and Asset Finance division before joining General Electric where he has worked for 12 years. Raphael held several finance and M&A management positions in GE healthcare, GE Oil & Gas and GE Energy Financial Services.
Raphael holds a Master’s degree and a DESS in Finance from Paris IX Dauphine and the International Executive Program at INSEAD. He has extensive international experience having lived in Vietnam, Hungary and Italy for a total of 10 years.
Marc-Philippe Botte, Partner at Omnes
Marc-Philippe is a partner at Omnes in its renewable energy business, which he helped grow to 3 billion euros assets under management, including 800 million euros for its latest Capenergie 4 programme which owns 17GW of renewable projects across 14 countries. He joined Omnes in 2009 after 10-years experience in M&A, first at MeesPierson (ex ABN Amro) in Amsterdam and then at Fortis Bank in Paris where he set up the team, and two years as an assistant professor at the Université Libre de Bruxelles (ULB). He graduated from the Solvay Business School (ULB) in Brussels in 1998. Marc-Philippe is a Belgian national and has extensive international experience, with deal and board experience in renewable energy companies in France, Italy, Belgium, the Netherlands, Portugal, Germany, Italy and Denmark, and having lived in Germany, Switzerland, the Netherlands and South Africa. Since 2013 he is also a visiting professor at the Université Paris Dauphine where he teaches a course on energy transition within the Master 224 program.
2/ List of advisors :
Garrigues acted as leading legal adviser for TagEnergy. The team at Garrigues was led by Partner Mário Lino Dias and coordinated by Senior Associate José Seabra Marcão and Associate Ines Freire Andrade.
BNP Paribas acted as financial advisor.
Linklaters & Allens (legal and tax)
DNV and Clean Horizon (Technical)
ICA Partners (Financial)
Allen & Overy (legal)
Akereos Capital (financial)
TagEnergy is a clean energy enterprise for a new cycle in the renewable energy industry. It was formed in 2019 to accelerate the energy transition by developing and investing in competitive and clean power stations in order to compete directly and actively on the energy markets.
TagEnergy’s operations span the renewables value chain, from development, financing, construction and asset management of wind, solar and storage projects, to commercialisation of its competitive energy.
TagEnergy’s three-pronged integrated approach comprises:
- Creating opportunities for the development, construction and management of competitive projects involving large-scale renewable energy generation or storage infrastructure.
- Producing competitive energy through its clean power stations.
- Managing the commercialisation of that energy to optimise value.
TagEnergy has developed a portfolio of more than 2.7GW of Storage, Solar and Wind projects in the UK, Australia, Spain, Portugal and France, and intends to drive the pace of transition through projects that deliver reliable energy affordably, and at scale.
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Mirova is a management company dedicated to sustainable investment 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 and its affiliates manage €28.6 billion as of December 31, 2021. Mirova is a mission-driven company, labeled B Corp4.
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Mirova is an affiliate of Natixis Investment Managers.
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About Natixis Investment Managers
Natixis Investment Managers’ multi-affiliate approach connects clients to the independent thinking and focused expertise of more than 20 active managers. Ranked among the world’s largest asset managers1 with more than $1.4 trillion assets under management2 (€1.2 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. Natixis Investment Managers’ affiliated investment management firms include AEW; Alliance Entreprendre; AlphaSimplex Group; DNCA Investments;3 Dorval Asset Management; Flexstone Partners; Gateway Investment Advisers; Harris Associates; Investors Mutual Limited; Loomis, Sayles & Company; Mirova; MV Credit; Naxicap Partners; Ossiam; Ostrum Asset Management; Seeyond; Seventure Partners; Thematics Asset Management; Vauban Infrastructure Partners; Vaughan Nelson Investment Management; and WCM Investment Management. Additionally, investment solutions are offered through Natixis Investment Managers Solutions and Natixis Advisors, LLC. Not all offerings are available in all jurisdictions. For additional information, please visit Natixis Investment Managers’ website at im.natixis.com | LinkedIn: linkedin.com/company/natixis-investment-managers.
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.
1 Cerulli Quantitative Update: Global Markets 2021 ranked Natixis Investment Managers as the 15th largest asset manager in the world based on assets under management as of December 31, 2020.
2 Assets under management (“AUM”) as of December 31, 2021 are $1,416.3 billion (€1,245.5 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. Excluding H2O Asset Management.
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Omnes is a leading private equity and infrastructure investor. With over €5 billion in assets under management, it provides companies with the capital they need to fund their growth, in three key areas: venture capital, growth & buyout capital and infrastructure. Omnes is wholly-owned by its employees. It is committed to ESG factors and has founded the Fondation Omnes to fund initiatives in favour of children and young people. It is a signatory to the United Nations Principles for Responsible Investment (PRI).
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 Introduced in France in 2018 under the Pacte Law, a ‘société à mission’ company must define its “raison d’être” and one or more social, societal or environmental objectives beyond profit. The purpose, and objectives aligned with this purpose, must be set out in its Articles of Association. The Articles specify the means by which the execution of the Mission will be monitored by a Mission Committee (a corporate body distinct from the board of directors which is responsible for monitoring the implementation of the mission with at least one employee.) An independent third party then verifies the execution of the Mission, via a written opinion which is annexed to the report of the Mission Committee to shareholders and made available on the website of the company for a period of five years.
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