M&G Investments has made a €60 million preferred equity investment in Altano Energy, a renewable energy platform operating in Southern Europe, as part of its broader strategy to support infrastructure and energy transition assets. The transaction was made alongside Pioneer Point Partners, a mid-market infrastructure fund manager.
The investment was carried out by the Infrastructure & Real Assets team at M&G, part of its €90 billion Private Markets platform. The funding was allocated through two open-ended funds, including the M&G Infrastructure and Real Assets Fund and its impact-focused strategy, the M&G Infrastructure & Real Assets Horizons Fund.
Altano Energy operates across Spain and combines solar, hydro, wind, and storage technologies. The company’s current portfolio includes 179 megawatts (MW) of operational capacity, 134 MW under construction, and 1,200 MW in development. Once fully deployed, the portfolio is projected to supply electricity to an estimated 945,000 homes annually.
“Altano is entering an exciting stage in its growth,” said Anish Majmudar, Head of the Real Assets team at M&G Investments. “Our investment will help bring these projects to life and support Spain’s shift to a cleaner, more resilient energy system, while providing our clients access to a high-quality, bilaterally negotiated investment opportunity that combines long-term value creation with measurable environmental impact.”
Spain has set a target of generating more than 80% of its electricity from renewable sources by 2030, up from approximately 50% in 2023. The phase-out of coal by the end of this decade and nuclear energy by 2035 is expected to drive demand for diversified renewable energy solutions. A power outage in April that affected Spain and Portugal has added to discussions about the importance of flexible and resilient energy systems.
M&G’s Infrastructure & Real Assets team, which manages investments across infrastructure sectors, is part of the firm’s €18 billion Impact & Private Equity division. The funds are designed to serve a broad investor base, including pension schemes, insurance companies, family offices, and private banks.
