Deal Announcement: CBRE Investment Management acquires Aitoenergia through its portfolio company Geonova
Type of deal: Acquisition of shares
Sector: Energy & Utilities
PwC Finland’s Corporate Finance team advised CBRE Investment Management on its acquisition of Aitoenergia Oy, through its portfolio company Geonova Oy. This strategic transaction supports Geonova’s growth and expands its Energy as a Service (EaaS) footprint in Finland. It will be funded by a capital injection from CBRE IM via Geonova.
Aitoenergia operates +60 ground source heat pump (GSHP) assets under long-term EaaS contracts and is a key player in Finland’s energy-as-a-service sector.
CBRE Investment Management is a global real assets investment firm with $155 billion in AUM (as of 30 June 2025), operating across 30+ offices in 20 countries.
Geonova is a Finnish geothermal energy business that provides decentralised heating and cooling services using ground source heat pump (GSHP) technology under long-term EaaS contracts. Geonova is owned by CBRE Investment Management and LämpöYkkönen Oy.
Object of acquisition: Aitoenergia
Buyer: CBRE Investment Management (through its portfolio company Geonova)
Deal announcement date: 18 August 2025
PwC’s role: Buyer’s M&A, Financial and Tax advisor
