An infrastructure fund managed by Lazard Asset Management (LAM) has teamed up with hydroelectric-power plants investor Renfin to target renewable energy investments in Italy.

LAM’s Sustainable Private Infrastructure Fund (Lazard SPI Fund) and Renfin have formed a partnership to mainly invest in small-scale hydroelectric power plants (SHEPPs).

Robert Wall, the head of sustainable private infrastructure at LAM, said: “Hydropower appeals to us as an investment class due to its long economic lifespan, low risk of technological obsolescence, and its crucial role in delivering cost-effective and dependable renewable energy.

“We recognise a distinctive opportunity in Italy, given its unique climate, terrain, and fragmented SHEPPs market. Renfin is a highly regarded and experienced partner, and we are thrilled to embark on this venture together.”

Jan Tošnar, founder and managing director of Renfin, said:  “We take pride in being a major owner and operator of SHEPPs in Italy, the UK, Czech Republic and key geographies that we believe are most attractive for hydropower investments.

“We are excited that the next stage of our company’s growth in Italy comes from partnering with such a distinguished investment partner as LAM. Our shared vision and values with Lazard SPI Fund set the foundation for a fruitful collaboration.”

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