In February 2021, Mirova announced it was fundraising for its fifth fund dedicated to financing energy transition infrastructure. The fund Mirova Energy Transition 5 Fund1 (MET5) follows the Mirova Eurofideme 4 fund in continuing to focus on renewable energy and low-carbon mobility sectors.

According to Mirova, MET5 offers investors flexibility, with options for majority or minority stakes, equity or subordinated debt financing and the possibility of short-term bridge financing. The fund also draws on the technical expertise of its team and the partnerships it has established in the industry.

This new fund will continue to invest in onshore wind farms, solar power, hydroelectricity, biogas but will also diversify into offshore wind farms. The team will also continue the work of the previous fund by investing in the low-carbon mobility sector to support the growth of the electric vehicle sector and the emergence of hydrogen.

Another major development of MET5, compared with the previous fund, is that the team will be able to invest outside of Europe. This geographical diversification will involve up to 10% of the fund's assets and will target projects located in Organisation for Economic Co-operation and Development (OECD) member countries.

The fund also features an innovative impact scheme to finance non-profit projects related to the fight against energy poverty and energy access and sponsor biodiversity research programmes.

One Environmental Finance Sustainable Investment Awards judge said the fund was "a trailblazing fund with a passionate team behind it. A worthy first place."

Following the final closing in November 2019 of Mirova Eurofideme 4, then the biggest European fund dedicated to renewable energy infrastructure, raising €859 million in 2018, the team hopes to raise over €1 billion for the MET5 fund. In order to support this growth and invest in this fund, Mirova's Energy Transition Infrastructure team has expanded to 22 employees.