Aviva Investors, the global asset management business of Aviva plc, has completed an additional investment into Innovo Renewables, an Italy-based company that develops, constructs and manages renewable-energy projects across Italy, the United Kingdom and Spain.
The new investment, totalling €30 million ($31 million), sees Aviva Investors increase its stake in Innovo to 45 percent, having originally acquired 35 percent of the Innovo platform in 2023.
Founded in 2022, Innovo currently manages a project pipeline representing 8.6 gigawatts of solar, 2.2 gigawatts of battery storage and 600 megawatts of wind power. The new round of investment is expected to accelerate Innovo’s development plan, providing it with the flexibility to pursue strategic ready-to-build M&A opportunities across Europe and supporting the delivery of future projects.
The funding also is expected be used for Innovo to bring additional capabilities in-house, as Aviva Investors seeks to s