Aviva Investors Buys 35% of Innovo Renewables

Aviva Investors, the global asset management division of British insurance group Aviva plc, has finalized its first investment in Italy by acquiring a 35 percent stake in Innovo Renewables spa, a Lombardy-based company founded in 2022, and dedicated to the development, construction, and management of renewable energy power generation projects, which has a five-year pipeline of 2.8 GW of green plants and storage in Italy, Spain, and the UK and has set its sights on listing on the stock exchange by 2026.

On the one hand, the agreement will give Aviva Investors the opportunity to increase its stake up to 50 percent of the company’s capital within the next 24 months, while on the other hand, it will enable Innovo to carry out its development, construction, and operational plans, with founder Rodolfo Bigolin retaining his role as CEO. Concurrently with the announcement of the deal, Innovo also appointed Roberta Benedetti, a senior energy advisor with previous experience in senior roles at Enel and E.ON, to the role of non-executive chairman.

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In the transaction, Innovo Renewables was assisted by Legance (for legal aspects) and Prothea and AD Capital (for financial aspects), while Aviva Investors was assisted by Ashurst.

Last March, Corriere della Sera Bigolin announced that all the company’s employees had invested in the company’s capital for a total stake of 10 percent and that by 2025 that quota could rise to 15 percent, based on a stock option plan.

The agreement with Aviva follows one signed by Innovo at the end of 2022 with Iberdrola to create a 50/50 joint venture, called iCube Renewables, to which the Italian company contributed its entire Italian pipeline (over 1 GW, mostly solar).

Bigolin commented, “The entry of Aviva Investors less than a year and a half after the birth of Innovo Renewables represents a further milestone in our growth path. We are very proud that one of the leading asset management operators has chosen our company as its first investment in the Italian market and has believed in our development potential to implement projects that will contribute concretely to the ongoing energy transition process.”

Darryl Murphy, managing director of infrastructure at Aviva Investors, added, “We are delighted to complete our investment in Innovo Renewables and support the company’s ambition to develop its power generation capabilities across Europe. We have ambitious plans to expand our infrastructure equity portfolio, which we see as central to the long-term growth and sustainability objectives of our Real Assets business. Importantly, this transaction sees us investing in Innovo as a whole, rather than in a single asset. We believe this approach represents the future of infrastructure investment, creating multiple income streams and providing our program with significant potential for future growth and scalability.”

Aviva Investors operates in 14 countries in Asia Pacific, Europe, North America, and the United Kingdom, with assets under management of £223 billion as of December 31st, 2022. In September 2022, still on the green theme, it invested in Connected Kerb, a British company specializing in providing charging solutions for electric vehicles.

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(Featured image by distelAPPArath via Pixabay)

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