Aviva Investors has invested €30m to increase its ownership in Innovo Renewables from 35% to 45% to support the company’s growth and development strategy.
In July 2023, Aviva Investors acquired a 35% stake in Italy-based Innovo to support the company’s expansion of renewable energy project development across Europe. At the time, Aviva Investors also secured the option to increase its ownership to 50% within two years.
Established in 2022, Innovo manages a project pipeline comprising 8.6GW of solar power, 2.2GW of battery storage, and 600MW of wind energy.
Aviva Investors said the latest investment is expected to accelerate Innovo’s development plan, providing it with the flexibility to pursue strategic ready-to-build M&A opportunities across Europe and supporting the delivery of future projects.
“The funding is also expected be used for Innovo to bring additional capabilities in-house, as Aviva Investors seeks to support the company’s long-term growth ambition to establish itself as a leading European independent power producer,” the global asset manager added.
Angenika Kunne, head of infrastructure equity at Aviva Investors, said: “We are incredibly pleased to extend our relationship with Innovo, a company which has delivered strong performance and impressive growth since our initial investment, and to show our continued commitment to both it and the European renewables market.
“By adding in-house construction capabilities and a collection of ready-to-build assets to our portfolio, we believe we can further diversify risk and returns for our investors. This should all come together to position us well for delivering long-term robust investment outcomes to investors and, ultimately, individual savers.”
Rodolfo Bigolin, CEO at Innovo Renewables, said: “I am extremely proud that Aviva Investors has strengthened its commitment and doubled its investment in Innovo Renewables in just 18 months.
“After a 2024 of strong growth, which brought us to a team of over 70 resources, we start 2025 with an important sign of confidence to strengthen our development path to being a leading independent power producer”.
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