Absolute aims to contribute towards Italy’s goal of achieving two-thirds of its energy from renewables by 2030. Credit: Artjazz/Shutterstock.com.

Florida-based private equity firm I Squared Capital has agreed to purchase a 95% stake in Absolute Energy, an Italian energy company focused on renewables and energy transition technologies.

Absolute Energy has a development pipeline of more than 3GW in solar, wind and storage projects across Italy.

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The portfolio also eyes adjacent technologies to address the challenges of intermittent power generation including battery storage, grid stability and clean fuels.

I Squared Capital will invest up to €400m ($419.66m) into the company’s renewables portfolio. Through the deal, I Squared aims to support the energy transition by investing in technologies that advance low-carbon energy systems.

Absolute Energy is also looking to contribute to the Italian Government’s net-zero ambition and have two-thirds of the country’s electricity come from renewables by 2030.

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I Squared Capital managing partner Gautam Bhandari said: “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.

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“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.”

Absolute Energy CEO Alberto Pisanti said: “This significant capital infusion from I Squared comes at a pivotal moment for 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.”