Aviva Investors announced it has agreed to acquire an initial 35 percent shareholding in Innovo Renewables, an Italian-based company that develops, constructs and manages renewable-energy projects across Italy, the United Kingdom and Spain.
The agreement, which can be raised to 50 percent within 24 months, will help Innovo Renewables scale up its business and increase the development of renewable-energy projects across its primary markets. It will also support the development of Innovo’s construction and operational capabilities as the company 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 2.8 gigawatts in solar PV, onshore wind and battery-storage projects across its core markets of Italy, the United Kingdom and Spain, with ambitions to expand into additional markets across Europe. As part of the agreement, Rodolfo Bigolin, fou