Aviva Investors, the global asset management business of Aviva plc, is to acquire an initial 35% shareholding in Innovo Renewables.
Italian-based Innovo develops, constructs and manages renewable energy projects across Italy, the UK and Spain.
The agreement, which can be raised to 50% within 24 months, will help Innovo scale up its business and increase the development of renewable energy projects across its primary markets.
The finance will also support the development of its construction and operational capabilities as it aims to transform from a renewable energy developer into one of Europe’s leading independent power producing platforms.
Innovo Renewables currently has a five-year pipeline of more than 2.8GW in solar PV, onshore wind and battery storage projects across its core markets of Italy, the UK and Spain, with ambitions to expand into additional markets across Europe.
As part of the agreement Rodolfo Bigolin, founder of Innovo Renewables, will remain in his role as chief executive with Roberta Benedetti appointed as non-executive chair.
Source : Renews