JP Morgan Asset Management has bought a Nordic and Baltic clean energy infrastructure company from Infracapital and AMP Capital.
Infracapital and AMP Capital said they have sold their combined ownership interest in Adven for an undisclosed sum to institutional investors advised by JP Morgan.
Infracapital and AMP Capital have owned Adven since January 2016, during which time they have worked with the business to achieve a number of significant milestones, including entering the Latvian and Norwegian energy infrastructure markets.
Martin Lennon, head of Infracapital, said: “We are proud of the significant growth of Adven under our ownership. In line with our ambition to invest in essential infrastructure to support both long-term economic growth and deliver positive societal impact we have leveraged our experience and expertise to transform the business into the leading provider of clean energy solutions to industrial clients in the Nordics.
“Alongside AMP Capital and Adven’s management team, we have worked together to establish a strong platform for Adven’s continued success, and we wish the new owners, the management team and employees every success in the future. We are confident that Adven will continue to play a critical role in reducing CO2 emissions across the Nordics and the Baltics.”
David Rees, global co-head of asset management at AMP Capital, said: “Alongside Infracapital we have successfully driven Adven’s growth through active asset management, with bolt-on acquisitions including the acquisition of E.ON’s district heating business in Sweden, and organic growth into new markets while refocussing its strategy on clean energy solutions to bring positive outcomes for business, people and the planet.”
Matthew LeBlanc, CIO, infrastructure investments group, JP Morgan Asset Management, said: “Adven has a fantastic track record of growth, leadership in ESG and delivering customer-centric solutions, all of which are driving the long term sustainable energy transition.”
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