Aviva Investors has invested €40m to acquire a majority stake in European renewable energy developer Connected Infrastructure Capital (CIC).
The asset manager is investing the capital to support the funding of the German-based firm’s existing development activities and expand its project pipeline.
Founded in 2018, CIC develops, constructs, and operates onshore wind and solar projects across Europe, focusing on wind and hybrid projects in Poland and Sweden, with a secured development portfolio of approximately 1GW.
Angenika Kunne, the head of infrastructure equity at Aviva Investors, said: “This transaction shows we are doubling down on our exposure to renewables, a mature asset class which we believe can deliver good long-term outcomes whilst supporting the energy transition.
“We are very pleased to be partnering with CIC, an experienced team which has been able to demonstrate strong historical performance and has secured an exciting portfolio of development assets. We believe this positions us well to benefit from increased allocation to renewables and in a way which promotes diversification across regions and technologies.”
Lena Schleyer, managing director of CIC, said: “Aviva Investors stepping in as a shareholder allows CIC’s next growth phase to begin. We are happy and proud to now bundle forces with such a strong and reputable partner.”
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