With the Covid-19 crisis, investment in infrastructure has seen significant differences between sectors in terms of transaction levels and valuations. In "safe haven" sectors such as healthcare, technology and renewable energy, the number of transactions and valuations remain stable.
We believe diversification will be key to generating attractive returns, while “buy & hold” strategies are gaining traction.
The crisis is expected to lead to a favourable political and regulatory environment for the asset class, as the pandemic has not only brought to light the need for health and communication infrastructure, but also highlighted the urgency of energy transition. Infrastructure projects are expected to be a key element of many government stimulus plans.
A new player originating from an innovative and ambitious partnership
Created in 2016, Amundi Energy Transition (AET) is an asset management company owned jointly by Amundi and EDF dedicated to energy transition.
AET's unlisted asset offering complements Amundi's range of listed "green" products (for example, low carbon indices).
This partnership offers an innovative business model: privileged access to EDF's existing and future pipeline of projects, industrial risk management provided by EDF and regulated prices that give better cash flow visibility.
Our very long-term investments with a buy & hold strategy over 20-25 years are focused on yield (with regular distributions) and target physical assets involved in renewable energy generation (wind, solar, etc.) as well as energy efficiency (district heating networks, cogeneration, etc.).
AET manages more than 350 assets with a total installed capacity of 1.7 GW, including cogeneration units, wind farms and solar power plants.
Amundi Energy Transition (AET) institutional funds are offered to French and international Tier 1 and Tier 2 clients wishing to maximise the illiquidity premium in exchange for higher returns. These are investments in physical assets associated with renewable energy generation (wind, solar, etc.) and energy efficiency (district heating networks, cogeneration, etc.). These are long-term investments (25 years) focused on yield: annual distributions over an extended holding period in order to achieve an attractive IRR.
To date, nine investments have already been made by the AET funds. These investments cover several sectors including:
Energy-efficient cogeneration and heat production from biomass represent more than 190 installations, with a total installed capacity of more than 550 MW. AET benefits from Dalkia's technical expertise on these heat production assets.
Solar power in France, Italy and Spain with an installed capacity of more than 350 MW, with renowned industrial partners such as Sonnedix and Urbasolsar.
Onshore wind through a portfolio of wind farms located in France and Belgium of more than 850 MW, with financial and industrial partners such as TTR Energy, Opale Energies Naturelles, Luminus, La Banque des Territoires, Mirova, etc.
Amundi Energy Transition concluded three closings in December 2020 with the acquisition of wind and solar portfolios in France, Spain and Italy, bringing the total installed capacity of the Alba I fund to 1.4 GW.
In December 2020, Investment firm Amundi Energy Transition and industrial group Opale signed a partnership agreement, a decisive step in the creation of the wind platform ("Opale Vesontio") with the acquisition of a first 27 MW project, expected to come into service in 2021. This platform complements the recent acquisition of a portfolio of 19 wind projects in France with a total capacity of 770 MW by AET through the creation of the independent electricity producer (Hexagon Renewable Energy) in partnership with TTR Energy and four other investors.
These acquisitions, carried out in the space of a few months, come in addition to the acquisition, by AET and Amundi Energies Vertes, of a portfolio of solar power plants in Italy and Spain, with total energy capacity of 250 MW from Sonnedix, and demonstrate Amundi Energy Transition's ability to meet its commitments to investors by offering them the opportunity to participate in energy transition through projects with stable returns over time.
Responsible investing is one of Amundi's raisons d’être. The contribution of Amundi Real Assets to energy transition and infrastructure ensures to society and investors of this ESG commitment.
Discover our assets
Charter ESG ATE
1. Of which €453m for Amundi Energy Transition. Source: Amundi as at 30 June 2021.
Assets under management specific to direct infrastructure.
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