CBRE Investment Management Expands Geothermal Energy Platform with Acquisition of Aitoenergia

CBRE Investment Management (“CBRE IM”), on behalf of a fund managed by its Private Infrastructure Division, has acquired Aitoenergia (“Aito”), a Finnish energy-as-a-service (EaaS) provider, in a strategic bolt-on investment to expand its geothermal energy platform, Geonova.

The acquisition marks a significant milestone in CBRE IM’s strategy to scale Geonova into a market leader in sustainable heating solutions. Aito’s portfolio of 62 long-term EaaS contracts will be integrated into Geonova’s operations, nearly tripling its existing contract base and expanding its geographical footprint across Finland.

As part of the transaction Tuomas Humalajoki, the current CEO of Aitoenergia, will take over responsibility as CEO of the combined group effective immediately.

Founded in 2022, Geonova has quickly established itself as a pioneer in decentralised heating and cooling services using ground source heat pump (GSHP) technology. The addition of Aito’s assets and expertise will further enhance Geonova’s ability to serve the growing demand for sustainable heating, particularly in Finland, which is targeting net zero emissions by 2035 — one of the world’s most ambitious net zero targets.

“This acquisition marks another key milestone in our growth strategy for Geonova and firmly establishes the business as a market leading energy-as-a-service platform among its core customer segments. We are delighted to have appointed Tuomas, to lead the next phase of growth for the business”, says Kerron Lezama, Managing Director, Private Infrastructure at CBRE IM.

About CBRE Investment Management
CBRE Investment Management is a leading global real assets investment management firm with $155.3 billion in assets under management* as of June 30, 2025, operating in 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.

CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2024 revenue). The company has more than 140,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit www.cbreim.com.

*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.

Geonova
Founded in 2022, Geonova is a company specializing in geothermal and heat pump solutions. It provides carbon-neutral heating, cooling, and energy solutions as a service to Finnish industry and housing companies. Geonova is owned by funds managed by the international private equity firm CBRE Investment Management and Finland’s leading heat pump expert, LämpöYkkönen Oy.
https://www.geonova.fi

Aitoenergia
Established in 2020, Aitoenergia is a renewable energy service company with the industry’s most comprehensive experience and diverse portfolio of implementations. The company makes the benefits of geothermal energy accessible to everyone—cost-effectively and effortlessly.
https://www.aitoenergia.fi