AXA Group’s alternative investments business AXA IM Alts announced an agreement to acquire a 25% stake in Iberian renewable energy developer and operator Finerge from Igneo Infrastructure Partners.

Founded in 1996, Finerge is the second-largest renewable energy producer in Portugal, and currently operates 77 wind farms and 17 PV solar plants across Portugal and Spain. The company’s renewables operating capacity is close to 2GW, following 14 bolt-on transactions.

According to AXA IM Alts, the investment will support Finerge’s growth, as it looks to make further investments in the development, construction and operation of wind farms and solar PV plants in Portugal and Spain.

AXA IM Alts added that the transaction reflects its “conviction around the critical role that infrastructure will play in the energy transition needed to create a net zero economy and mitigate against future climate risk,” and aligns with its strategy of investing in assets enabling the decarbonization, electrification and digitalization of society.

Julien Gailleton, Deputy Head, Infrastructure at AXA IM Alts, said:

“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. 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.”