I Squared Capital, a leading global infrastructure investment manager, announced today that it has signed an agreement to acquire, in an exclusive transaction, up to 95 percent of Absolute Energy, an investment platform focused on renewable energy and broader energy transition technologies. I Squared plans to invest up to €400 million into the company for the development and construction of a 3.0-gigawatt pipeline of solar photovoltaic, wind and storage projects to deliver low-cost, clean power and promote energy security in Italy. The platform will also target adjacent technologies that address the challenges of intermittent power generation, such as battery storage, grid stability and clean fuels. The transaction advances I Squared’s strategy to support the global energy transition by investing in, developing, and scaling assets and technologies that accelerate the transition to a low carbon energy system.
Absolute plans to make a material contribution to the Italian Government’s effort towards Net Zero and its goal of generating two-thirds of electricity from renewables by 2030 to comply with the EU’s increasingly ambitious targets in the RES space.
“I Squared is excited to contribute our capital and our expertise to the continued growth of Absolute Energy, whose robust project pipeline will be critical to the energy transition in Italy,” said Gautam Bhandari, Global CIO and Managing Partner at I Squared Capital. “This investment uses our platform building expertise to convert a large pipeline of renewables projects into a modern, integrated energy utility that champions energy transition in Europe.”
“This significant capital infusion from I Squared comes at a pivotal moment for Absolute Energy,” said Alberto Pisanti, CEO of Absolute Energy. “It provides growth capacity for us to accelerate the building of our renewable energy generation pipeline. It will also enable us to expand in other areas such as storage, grid stability and clean fuels and to actively support Italy’s historic commitments toward the energy transition.”
