EUR Infrastructure

Case Studies

Engagement & Outcomes

In 2025, EZO delivered 10.6 GWh of electricity to more than 37,000 customers, supporting an estimated 14,720 tonnes of avoided emissions.

Aviva Investors’ Sustainable Investing team engaged regularly with management to strengthen ESG governance and enhance emissions reporting, which are key differentiators in competitive public tenders. In 2025, we focused on building a comprehensive emissions baseline and embedding a credible decarbonisation pathway. We supported EZO in scoping its Scope 1, 2 and material Scope 3 emissions and beginning its net zero strategy. By Q4 2025, the company had completed a third-party emissions assessment and established a science-based decarbonisation target, improving both internal decision-making and external credibility in tender processes. This has strengthened EZO's emissions reporting and governance framework, thereby supporting EZO’s competitiveness in public tenders and its ability to scale deployment across key markets.

Investment Thesis

Transportation accounts for about 22% of Ireland’s greenhouse gas emissions, with EV adoption constrained by limited charging infrastructure.¹ Public charging provision remains well below the EU-27 average, with c.7 charge points per 10,000 people versus ~20 across the EU.²

In 2023, the Fund invested €30m in EZO (formerly EasyGo) to scale its EV charging network across Ireland and the UK. The business develops, owns and operates public charging infrastructure, targeting accelerated rollout to support the electrification of transport and expand access to public charging. This investment aligns with both Irish and UK decarbonisation goals, including the UK’s target to phase out new petrol and diesel cars by 2030 and materially expand public charging capacity.

EZO

ESG Metrics

10.6 GWh of electricity delivered
14,720 tCO₂e avoided emissions

CCAC-AR2025-Transport-final.pdf
Ibid.

Terra One

ESG Metrics

Installed capacity: 15 MW
Apprenticeships: 2

https://eepublicdownloads.blob.core.windows.net/public-cdn-container/clean-documents/Reports/2025/251118_entso-e_flexibility_from_RES_Report.pdf

Engagement & Outcomes

During the investment process, Aviva Investors embedded sustainability requirements into the term sheet to align the investment with the Fund’s transition strategy, including commitments to establish emissions reporting and strengthen ESG governance.

Following engagement, Terra One agreed to implement carbon emissions monitoring and begin reporting within 12 months, providing a foundation for a credible transition plan. The company also committed to developing policies aligned with the UN Global Compact principles, including modern slavery, sustainability, anti-bribery and responsible procurement, which are particularly important given supply chain risks in the battery sector.

These measures strengthen the company’s positioning with stakeholders as it scales its battery storage portfolio. By the end of 2025, Terra One had installed 15 MW of capacity and supported early workforce development through two apprenticeships.

Investment Thesis

Battery energy storage systems (BESS) are critical to Europe’s energy transition, enabling higher penetration of renewable power while maintaining grid stability. As electrification accelerates and renewable generation expands, system operators face growing challenges around grid congestion, limited flexibility and curtailment.¹

In 2025, the Fund committed €75m to Terra One, a German BESS developer, to finance the construction of 370 MW of battery storage capacity. This investment supports the deployment of flexible infrastructure required to balance intermittent renewable generation, reduce curtailment and enhance grid resilience. Terra One supports Germany’s energy transition by developing AI‑optimised battery storage systems that stabilise the grid and enable greater utilisation of renewable energy. Its portfolio enhances system flexibility by optimising power flows and reducing curtailment in real time.

Investment Thesis

Europe must rapidly scale up renewable energy capacity to meet a dual challenge: rising electricity demand and the need to replace ageing energy infrastructure. After a period of reduced demand, electricity demand in Europe is expected to increase again, driven by the electrification of transport, heating and industrial processes, as well as growing demand from data centres and digital technologies.¹ At the same time, a significant share of Europe’s power system is reaching the end of its operational life, with parts of the grid estimated to be 40–50 years old and requiring major reinvestment or reconfiguration.²

Meeting this challenge will require substantial capital deployment, with estimates suggesting around $3.5 trillion of investment is needed in Europe’s power sector by 2035 to expand and modernise generation and grid infrastructure.³ This transition is supported by EU policy frameworks, including the Fit for 55 package⁴and the Renewable Energy Directive,⁵ which set binding targets to reduce greenhouse gas emissions by at least 55% by 2030 and increase the share of renewable energy to at least 42.5%, with investments such as ours directly contributing to the delivery of these objectives.

Renewable Energy

Niteos

In 2024, Aviva Investors invested €40m in Niteos (formerly Connected Infrastructure Capital), a Germany-based renewable energy developer, to support the delivery of approximately 210 MW of new renewable capacity over five years. In 2025, operational assets avoided approximately 568.5 tonnes of greenhouse gas emissions.

Aviva Investors engaged with the company through two meetings in 2025, focusing on establishing core ESG governance and embedding emissions reporting processes. As a result, Niteos has committed to developing policies addressing key ESG risks, including sustainability, modern slavery, responsible procurement and health and safety. The company has also appointed a dedicated ESG lead and begun monitoring carbon emissions. These developments support the company’s ability to scale its development pipeline while meeting evolving regulatory and investor expectations.

Innovo Renewables

In 2023, the Fund committed €47.5m to Innovo, a diversified pan-European renewable energy platform spanning solar, battery storage and wind, followed by a €30m commitment in December 2024. The investment supports the development of a 9 GWp pipeline across Italy, the UK and Spain.

During due diligence, a Net Zero Audit identified opportunities to strengthen sustainability strategy and governance. In 2025, Aviva Investors held two engagement meetings focused on formalising ESG policies and building reporting capability. As a result, Innovo has implemented policies covering sustainability, modern slavery, responsible procurement, health and safety, and diversity and inclusion, and has begun emissions monitoring and reporting with support from Aviva Investors. These enhancements support Innovo’s ability to meet investor and lender expectations, facilitating the continued development and financing of its renewable energy pipeline.