Aviva Investors is making an equity investment to help Innovo Renewables increase the development of renewable-energy projects across Europe.
The £223bn (€260bn) global asset management arm of insurer Aviva has agreed to acquire an initial 35% interest in Italy-based Innovo with an option to raise the stake to 50% within 24 months. Financial details were not disclosed.
Aviva said the deal is expected to help Innovo scale up its business and increase the development of renewable-energy projects across its primary markets, “whilst also supporting the development of its construction and operational capabilities”.
Founded in 2022, Innovo has a five-year pipeline of more than 2.8GW in solar, onshore-wind and battery-storage projects across Italy, the UK and Spain. It also has ambitions to expand into additional markets across Europe.
Darryl Murphy, infrastructure managing director at Aviva Investors, said: “We have ambitious plans to expand our infrastructure equity portfolio, which we see as an important element within the long-term growth and sustainability objectives of our real assets business. Importantly, this deal sees us invest in the Innovo platform as a whole, rather than an individual asset.
“We believe this approach represents the future of infrastructure investing, creating multiple revenue streams, and providing our infrastructure investment programme with significant scalability and future growth potential.”
Rodolfo Bigolin, CEO of Innovo Renewables, said: “The investment of Aviva Investors, less than 1.5 years from Innovo Renewables’ foundation, represents another milestone on our growth path.
“We are very proud that one of the leading managers of real assets investments has chosen to invest into our company, trusting our capacity to implement projects that support the ongoing energy transition.”
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