Aviva Investors takes 35% share in Italy’s Innovo Renewables

The global asset management business of Aviva plc announced yesterday that it has agreed to acquire an initial 35% shareholding in Innovo Renewables, an Italian-based company which 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 Renewables scale up its business and increase the development of renewable energy projects across its primary markets, while also supporting 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.

“Aviva Investors’ investment, less than 1.5 years from Innovo Renewables’ foundation, represents another milestone on our growth path,” said Rodolfo Bigolin, founder & CEO, Innovo Renewables. “We are proud that one of the leading real assets investment managers has chosen our company, trusting our capacity to implement projects that support the ongoing energy transition.”

Innovo Renewables currently has a five-year pipeline of more than 2.8 GW 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. 

“We are pleased to complete our investment with Innovo Renewables and support the company’s aspiration to grow its capabilities and energy generation capacity across Europe,” said Darryl Murphy, managing director infrastructure, Aviva Investors. “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.”

As part of the agreement, Bigolin will remain in his role as CEO with Roberta Benedetti, a sustainability-focused investor and impact consultant with experience investing across private equity, credit markets and investment banking,  appointed as non-executive chair, bringing further sustainability and industry expertise to the company’s management team.

Aviva Investors has invested in Innovo Renewables at a platform level, as it seeks investments in growth companies that can help accelerate, and benefit from, the transition to a low-carbon economy. Similarly, it had invested in Connected Kerb to support the delivery of 190,000 EV chargers across the UK by 2030.

The company believes that 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.”