Innovo Secures New Funding Round from Aviva
Deal News | Jan 21, 2025 | Legal Community Italy
Innovo Renewables, an Italian renewable energy company, has successfully closed a €30 million investment round led by Aviva Investors, increasing Aviva's stake in Innovo to 45%. The deal was done with the counsel of international law firm Ashurst, which coordinated a multidisciplinary team for the transaction. Ashurst's team included experts from different regions specializing in M&A, corporate, and financing aspects, who collaborated to navigate the legal intricacies of the deal, especially the Luxembourg law elements. This investment aims to drive Innovo's expansion in Europe and strategic M&A opportunities, aligning with Aviva's goals to solidify Innovo's position as a leading Independent Power Producer in the European market.
Sectors
- Renewable Energy
- Investment Management
- Legal Services
Geography
- Italy – Innovo Renewables is an Italian company, and the legal coordination for the deal was largely managed from here.
- Luxembourg – Part of Ashurst's legal team in Luxembourg played a role in addressing the Luxembourg law aspects of the transaction.
- United Kingdom – Aviva Investors is based in the United Kingdom, representing the investment interests in Innovo.
Industry
- Renewable Energy – Innovo Renewables operates in the renewable energy sector, focusing on the development, construction, and management of energy projects.
- Investment Management – Aviva Investors, part of Aviva plc, is engaged in the management of investments, focusing on growing its portfolio within the renewable energy sector.
- Legal Services – Ashurst is a law firm that provided legal counsel for this investment transaction, highlighting the role of legal services in facilitating complex deals.
Financials
- €30 million – The sum invested by Aviva Investors in Innovo Renewables to increase its stake and support growth.
- 45% – Aviva's total ownership stake in Innovo Renewables after the investment round.
- 35% – Aviva's initial stake in Innovo prior to the recent increase to 45%.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Innovo Renewables | Target Company | Company | An Italian renewable energy company involved in developing and managing energy projects. |
| Aviva Investors | Bidding Company | Company | The investment arm of Aviva plc, focused on increasing its stake in Innovo Renewables to support its growth strategy. |
| Ashurst | Legal Advisor | Company | An international law firm that acted as deal counsel for the investment round. |