Rainergy, the Iberian renewables hybridisation platform backed by IST3 Investment Foundation (“IST3”), Reichmuth Infrastructure managed funds & mandates (“Reichmuth”) and White Summit Capital (“WSC”) has agreed to acquire a c. 33MW mini-hydro portfolio, consisting of four run-of-river hydro plants in the north of Portugal, from funds managed by Mirova, an affiliate of Natixis Investment Managers dedicated to sustainable investing. AltamarCAM Partners (“Altamar”), a global asset manager focused on investing in private markets will join as a new co-shareholder.
- Scarce, high-quality, mini-hydro assets with a baseload generation profile and a robust operating track record, situated in a region with some of the highest rainfall levels in Europe
- Rainergy increases scale to its c. 100MW portfolio and improves its generation and revenue profile with greater geographic diversification and exposure to a feed-in-tariff regime
- Potential to hybridise every plant in the acquired portfolio by incorporating solar PV technology and storage, showcasing Rainergy’s commitment to innovation and maximizing energy output
- Altamar’s addition strengthens the platform by providing access to long-term capital and enhances the collective experience of the consortium
Over the last two years, Rainergy has developed a renewable integration strategy that mitigates intermittency risk and creates a stable and attractive risk-return profile. This strategy involves blending technologies to create a diversified and sizeable baseload generation portfolio while maintaining a conservative leverage so that revenue streams can be actively managed.
The acquisition of this 33MW mini-hydro portfolio underpins Rainergy’s vision, adding greater resource and revenue diversification. Moreover, the solar PV hybridisation opportunities associated with the portfolio represent a key value creation driver, allowing the platform to maximise energy output and connection point utilisation.
The platform strategically expands its long-term capital base to continue driving its growth. This milestone serves as a testament to the success of a sophisticated and integrated approach to risk management within the Iberian renewables investing landscape.
