Corsica Sole, a developer, operator, and producer of solar energy and storage, is consolidating its growth and signing a strategic agreement with Mirova*, the affiliate of Natixis Investment Managers dedicated to sustainable investment. Mirova is acquiring a minority stake in the company and setting up a bond financing program for a total investment that could reach €80 million.
Corsica Sole has signed an agreement with Mirova to open up its capital, enabling it to continue financing its development. With this partnership, Mirova secures the first investment of its Mirova Energy Transition V fund**, dedicated to renewable energies and energy transition, and will become, as of the fund’s first closing, the reference shareholder of Corsica Sole alongside its historical founders, Paul Antoniotti and Michael Coudyser.
This fundraising will accelerate the scaling up of our development while remaining true to our values. This partnership with Mirova, a leading investor in renewable energies, will strengthen our capacity for development and innovation in order to respond to the urgent need for energy transition in France and abroad. This operation is part of a long-term relationship, as Mirova has supported the company since 2014 by financing more than 15 projects with storage through quasi-equity and by acquiring a stake in its subsidiary DRIVECO.
We chose Corsica Sole for the quality and reliability of its teams, its longevity, and its values.
It is important for us to invest in a company that has demonstrated its expertise in managing innovative projects and has now developed unique expertise in the production and storage of electricity and the construction of charging station networks. Having worked alongside them for many years, we are delighted to be able to support the two founders of Corsica Sole, Paul Antoniotti and Michael Coudyser, in this new phase of growth for their company.
Corsica Sole has set itself the mission of contributing to the energy transition by working on the most virtuous solutions: the company favors low-carbon technologies and guarantees 100% recycling of the photovoltaic modules it installs. Corsica Sole develops and operates projects throughout France and has offices in Paris, Bastia, Bordeaux, Marseille, Guadeloupe, Martinique, French Guiana, and Réunion, enabling it to work closely with local communities.
Corsica Sole was supported in this transaction by Nomura, LPA-CGR, and BKP & Associés, and Mirova by Tevali Partners, Cliperton, and Everoze.
Corsica Sole: France’s leading operator of energy storage units
Corsica Sole’s growth is based on its ability to innovate in order to produce clean energy. Constantly searching for new technological solutions to support the energy transition, Corsica Sole invented the concept of solar mobility through its subsidiary DRIVECO and was the first to develop photovoltaic power plants with storage, making it the leading operator of energy storage units in France today.
Corsica Sole: leading independent energy producer in Corsica
Founded in 2009, Corsica Sole has been Corsica’s leading independent energy producer since 2018 and is a major player in the photovoltaic sector in France. Each of the company’s projects is based on respect for the specific characteristics of the region: from its design and choice of location to synergies with local players and dialogue with the population. By favoring local labor, Corsica Sole minimizes its carbon footprint and promotes employment to contribute to local development. By managing its projects from start to finish, the company ensures the technical and environmental quality of its constructions.
*Mirova is a management company dedicated to sustainable investment and an affiliate of Natixis Investment Managers. Through its conviction-based management, Mirova’s objective is to combine the pursuit of long-term value creation with sustainable development. Pioneers in many areas of sustainable finance, Mirova’s talented team aims to continue innovating in order to offer its clients solutions with a strong environmental and social impact. Mirova and its affiliates managed €19.6 billion as of December 31, 2020. Mirova is a mission-driven company with B Corp certification (reference to a ranking or label does not prejudge the future performance of the funds or their managers).
**MIROVA ENERGY TRANSITION 5 is a French limited partnership (SLP) open to subscription by eligible investors as defined in its regulations. Mirova is the management company. This fund is not subject to approval by a supervisory authority. This fund is exposed to capital loss risk, market risk, industrial and public counterparty risk, credit risk, liquidity risk, project risk, operational risk, compliance risk, legal and regulatory risk, financial risk, electricity network risk, valuation risk, and transaction flow risk.
