Aviva Investors has completed a €40m investment into Germany-based renewables developer Connected Infrastructure Capital (CIC).
The deal sees Aviva Investors acquire a majority shareholding in CIC, which specialises in the development and management of onshore wind and solar projects across northern and central Europe.
This investment is expected to provide CIC with the necessary funding to support existing development activities and expand its project pipeline.
It is the second investment made by Aviva Investors into the European renewables sector in quick succession, following the announcement that it had increased its existing stake in Innovo Renewables, an Italian developer with a portfolio spread across Italy, the UK and Spain.
Founded in 2018, CIC specialises in developing, constructing and operating renewable energy projects across Europe.
Its development activities comprise early- to late-stage wind and hybrid (wind and solar) projects, with an emphasis on Poland and Sweden.
CIC has a secured portfolio of approximately 1GW of projects in development and has developed and sold 100MW of wind projects in central Europe which the company still manages.
It also owns an operating wind farm in Sweden.
Angenika Kunne, head of infrastructure equity at Aviva Investors, said: “This transaction shows we are doubling down on our exposure to renewables, a mature asset class which we believe can deliver good long-term outcomes whilst supporting the energy transition.
“We are very pleased to be partnering with CIC, an experienced team which has been able to demonstrate strong historical performance and has secured an exciting portfolio of development assets.
“We believe this positions us well to benefit from increased allocation to renewables and in a way which promotes diversification across regions and technologies.”
Lena Schleyer, Managing Director of CIC, added: “Aviva Investors stepping in as a shareholder allows CIC’s next growth phase to begin.
“We are happy and proud to now bundle forces with such a strong and reputable partner.”