Aviva Invests in Italian Renewables Giant
- Aviva Investors acquires initial 35% stake in Italian renewable energy firm Innovo Renewables, with plans to increase to 50% and support the development of renewable energy projects across Europe.
Aviva Investors, the global asset management business of Aviva plc, has agreed to acquire an initial 35% stake in the Italian renewable energy firm Innovo Renewables. Innovo is developing, constructing and managing renewable energy projects across Italy, the UK and Spain and has plans to expand into additional markets across Europe. 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 key markets. It will also support the development of its construction and operational capabilities as it aims to become one of Europe’s leading independent power producing platforms. Innovo Renewables has a five-year pipeline of more than 2.8GW in solar PV, onshore wind and battery storage projects and it is backed by Rodolfo Bigolin as chief executive and Roberta Benedetti as non-executive chair. Darryl Murphy, managing director for infrastructure at Aviva Investors noted the importance of investing in the Innovo platform as a whole, rather than individual assets, to create multiple revenue streams and provide their infrastructure investment programme with scalability and growth potential.
How Will Aviva Investors Help Innovo Renewables Grow?
- Aviva Investors will acquire an initial 35% stake in Innovo Renewables with the option of increasing it to 50% within 24 months.
- Aviva Investors will help Innovo Renewables scale up its business and increase the development of renewable energy projects across its key markets.
- Aviva Investors will also support the development of Innovo Renewables construction and operational capabilities, aiming to become one of Europe’s leading independent power producing platforms.
- Innovo Renewables has a five-year pipeline of more than 2.8GW in solar PV, onshore wind and battery storage projects
- Aviva Investors will invest in the Innovo platform as a whole, rather than individual assets, to create multiple revenue streams and provide their infrastructure investment programme with scalability and growth potential.
- Innovo Renewables is backed by Rodolfo Bigolin as chief executive and Roberta Benedetti as non-executive chair.