AXA Investment Managers’ investment arm AXA IM Alts has bought a 25% stake in Iberian renewables platform Finerge from Igneo Infrastructure Partners.
Axa IM Alts said this transaction will support the growth of Finerge as it looks to make further investments in the developing, constructing and operating of wind farms and solar PV plants in Portugal and Spain. Currently, Finerge has an operating capacity of about 2GW.
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The transaction also aligns with AXA IM Alts’ strategy of investing in assets that enable the decarbonisation, electrification and digitalisation of society.
“Our conviction is that climate change is the great issue of this century and the central risk of tomorrow. We believe that integrated renewable energy independent power producers like Finerge, which have the capacity to scale as 21st century utilities, will be essential to delivering the energy transition as fast as it is needed,” said Julien Gailleton, deputy head of infrastructure at AXA IM Alts.
The company added that this transaction can increase its portfolio in the renewable energy sector, following an investment in Hornsea 2 offshore wind farm in the UK, bringing the total operating capacity of its investments to about 3.3GW.
Last month, AXA signed a virtual power purchase agreement (PPA) with Spanish renewables developer Ignis, to draw power from the company’s upcoming Spanish solar plant. AXA announced that Ignis would begin construction on the project “shortly,” and will be operational by May 2025.