ILOS New Energy and Omnes Capital, on behalf of their Capenergie 4 fund, are to sell a 60% stake in ILOS Projects, their pan-European renewable energy independent power producer platform, to asset manager AXA IM Alts.
The deal will see Omnes realise a full exit.
ILOS Projects was founded in 2018 by co-founders Michael Winter and Nikolaus Krane with a mission to become a leading renewable energy platform in Europe.
Omnes, a European private equity investor dedicated to the energy transition, has backed ILOS since 2020, through Capenergie 4.
With this partnership, ILOS evolved from a pure-play developer into a fully integrated renewable energy platform and IPP of significant scale.
Its current pipeline includes ~5 GWp of solar projects across seven European geographies and the company intends to continue its strong growth trajectory to become a leading IPP by 2030.
The transaction is subject to customary approvals and is likely to complete towards the end of H1 2025.
Driven by its focus on resilient, sustainable and high-quality infrastructure businesses, AXA IM Alts identified ILOS as an attractive investment opportunity that supports its goal of addressing the significant challenge of climate change.
AXA IM Alts invests in assets that are fit or adaptable for a decarbonizing, electrifying and digitalising sustainable net-zero world.
The transaction will bring together ILOS’ management team’s significant development experience across Europe and AXA IM Alts’ expertise in building successful renewables platforms, supported by its balance sheet strength and well-developed partnership approach.
With its strong capabilities and advanced development pipeline, the existing ILOS team will be an integral part of AXA IM Alts’ renewable energy growth strategy in ILOS’ core markets, the company said.
Going forward, ILOS will continue to progress securing consents and routes to market, aiming to hold the majority of new projects on balance sheet.
The seven countries in which ILOS’ portfolio assets are located all have strong growth prospects, underpinned by renewables or carbon reduction targets and attractive remuneration schemes.
The platform will utilise its experienced local development teams to source new opportunities in solar PV and adjacent renewable energy technologies.
In addition, the ILOS platform is highly complementary to AXA IM Alts’ strategic objectives and aligns with their Net Zero ambitions.
Mark Gilligan, head of infrastructure at AXA IM Alts, said: “At AXA IM Alts, we invest our clients’ capital with an investment strategy of focusing on Europe; diversifying across sectors and across the risk spectrum, and scaling and transitioning infrastructure to reach zero carbon dioxide emissions before 2050.
“We invest through an evergreen format so we can inject capital to scale platforms over time.
“ILOS, as an established pan-European solar developer and IPP, will give us access to high-growth, low-cost, zero carbon electricity generation.
“We look forward to working with the founders to grow its fleet as it transitions to an increasingly sophisticated independent power producer.”
Nikolaus Krane and Michael Winter, founders of ILOS, added: “We are delighted to have found a partner in AXA IM Alts that shares our vision for the growth of the ILOS platform.
“Throughout this process they have impressed us with their long-term, hands-on and holistic investment strategy.
“With their strong support, we will continue to expand our installed capacity and portfolio across Europe.
“The investment not only validates ILOS’ proven track-record in renewable energy but also reflects AXA IM Alts’ confidence in our team.
“It positions us to successfully execute our strategy of becoming a leading pan-European renewable energy IPP – actively contributing to the EU’s energy independence and sustainability goals.”
Yannic Trüb, partner at Omnes Capital, said: “Omnes is extremely proud of the journey it has completed together with founders Michael Winter, Nikolaus Krane as well as the wider ILOS team since we first invested in the company in 2020.
“Over these last five years, the European market has undergone changes and faced crises, but ILOS has remained steadfastly focused on its goal of building a leading European renewable energy player.
“Since we came onboard, we have worked hand in hand with the ILOS team to transform the company from a developer into a fully-fledged renewable energy platform and independent power producer of meaningful scale.
“Having deployed our allocated investment amount and achieved our value creation plan, we believe now is the right time to exit and are confident AXA IM Alts and the Founders will be very successful going forward.”
