Alternative investor AXA IM Alts, a division of French insurer Axa SA (EPA:CS), has sealed an agreement to acquire a 25% stake in Finerge, an Iberian renewables platform with almost 2 GW of assets in operation.
The interest will be bought from Igneo Infrastructure Partners, AXA IM said on Friday without disclosing financial details about the deal.
Portugal-based Finerge will use the fresh financing to make further investments in the development, construction and operation of wind and solar parks in Portugal and Spain.
AXA IM, with over EUR 185 billion (USD 203.1bn) worth of assets under management, expects the transaction to be finalised by the end of this year. For the alternative investor, the acquisition will enhance its exposure to the renewables sector and back its strategy of investing in assets that enable decarbonisation and electrification.
In September last year, AXA IM invested in the 1.3-GW Hornsea 2 offshore wind farm in the UK. The total operating capacity of its investments reached 3.3 GW at the time.
(EUR 1.0 = USD 1.098)
