CBRE Investment Management has acquired a Finnish energy-as-a-service (EaaS) provider on behalf of a fund managed by its private infrastructure division.
The “strategic bolt-on investment” in Aitoenergia is being use to expand Geonova, a geothermal energy platform that CBRE IM founded in 2022.
Aitoenergia’s portfolio of 62 long-term EaaS contracts will be integrated into Geonova’s operations, nearly tripling its existing contract base and expanding its geographical footprint across Finland.
Tuomas Humalajoki, the CEO of Aitoenergia, will assume the role of CEO for the combined group, effective immediately.
CBRE IM said Aitoenergia’s assets and expertise would complement Geonova’s decentralised heating and cooling services, which use ground source heat pump technology.
Kerron Lezama, managing director of private infrastructure at CBRE IM, said: “This acquisition marks another key milestone in our growth strategy for Geonova and firmly establishes the business as a market leading EaaS platform among its core customer segments. We are delighted to have appointed Tuomas, to lead the next phase of growth for the business.”
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