Alternative investment firm AXA IM Alts has acquired a 25% stake in Portugal’s renewables platform, Finerge, from Igneo Infrastructure Partners.
The deal made on behalf of AXA IM Alts’ clients is expected to close by the end of 2023, subject to approvals.
This acquisition will support the renewable platform’s investments in developing, constructing and operating wind farms and solar PV plants in the Iberian region – Portugal and Spain.
According to AXA IM Alts, this acquisition reflects infrastructure’s critical role in the energy transition key to creating a net zero economy and mitigating climate risk and in alignment with its strategy of investing in decarbonisation-focused assets, electrification and digitalisation of society.
AXA IM Alts invested in the UK’s Hornsea 2 offshore wind farm last year, and this acquisition brought the total operating capacity of its investments to c. 3.3 GW and total infrastructure equity assets under management to over €4 billion.
Julien Gailleton, deputy head of infrastructure, AXA IM Alts, said: “Integrated renewable energy independent power producers like Finerge, which can scale as 21st-century utilities, will be essential to delivering the energy transition as fast as needed. We look forward to partnering with Igneo and the Finerge management team to accelerate the build-out of the Finerge fleet across solar, wind and other energy transition technologies.”
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