AXA IM Alts has agreed to make the investment to help support Finerge’s growth as it looks to make further investments in developing, constructing and operating wind farms and solar photovoltaic plants in Portugal and Spain.
The transaction expands AXA IM Alts’s exposure to the renewable-energy sector following the global alternative investment firm’s 2022 investment into the Hornsea 2 offshore wind farm in the UK, bringing the total operating capacity of its investments to 3.3GW and its total infrastructure equity assets under management to over €4bn.
Julien Gailleton the deputy head of infrastructure at AXA IM Alts, said: “Our conviction is that climate change is the great issue of this century and the central risk of tomorrow.
”We believe that integrated renewable energy-independent power producers like Finerge, which have the capacity to scale as 21st-century utilities, will be essential to delivering the energy transition as fast as it is needed.”
Igneo, which had previously gone by the names First Sentier Investors and First State Investments/Colonial First State Global Asset Management, acquired Finerge from Enel Green Power’s Spanish subsidiary in 2015.
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