AMP Capital and Infracapital are buying a pan-Nordic energy infrastructure company.

The joint venture is buying Adven Group, which provides energy infrastructure services in Finland, Sweden and Estonia.

The stake is being sold by investment manager EQT, which has owned the company since 2012.

AMP Capital’s global head of infrastructure equity, Boe Pahari, said: “The asset is a great fit for AMP Capital’s global infrastructure platform due to its attractive risk/return profile, highly predictable and protected cash flows and growth prospects in a sector where there are significant barriers to entry and where the competitive landscape is fragmented.”

Energy, he said, is a “key target area” for AMP Capital due to its “significant growth opportunities”.

In addition to supplying heating in Finland, Sweden and Estonia, Adven also provides industrial energy and regulated gas distribution in Estonia and holds a small gas network in Finland.

Ed Clarke, co-founder of Infracapital, said: “Adven is a great addition to Infracapital Partners II, providing good cash flows while also offering a range of growth opportunities.”