Exor, the holding company of the Agnelli family, entered in a joint-venture agreement with Paris-based fund Impala to invest into renewable energy venture TagEnergy, the two companies said on Tuesday.
Exor will partner with Impala, which is managed by French businessman Jacques Veyrat, the co-founder of TagEnergy, through a new joint holding company, which will become TagEnergy's largest single shareholder, the statement said.
No financial details of the deal were disclosed. The investment marks Exor's first foray into the clean electricity production sector.
Portugal-based TagEnergy specialises in building and operating energy projects, as well as providing energy storage and grid stabilisation services.
"Partnering with Exor will enable us to further support TagEnergy's ambition to expand in multiple regions across the globe and finance the promising projects the TagEnergy team is currently developing", Veyrat said.
TagEnergy, which has a portfolio of projects across Australia, the United Kingdom and Europe, aims to reach 5 gigawatts (GW) of renewable assets by 2027.
Exor is the single largest investor in carmaker Stellantis and the controlling shareholder in companies including luxury sports car maker Ferrari and Serie A soccer team Juventus.
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