MADRID: Canadian pension fund Alberta Investment Management Corp (AIMCo) has begun a strategic review of Spanish renewable energy firm Eolia, which could lead to a possible sale, two sources familiar with the matter told Reuters.

AIMCo has hired advisers to decide on strategic options for the business that operates around 860 megawatts (MW) of renewable energy generation capacity in Spain, the sources said on condition of anonymity because the matter is confidential.

AIMCo declined to comment.

The Edmonton-based pension fund, with roughly $119 billion of assets under management, bought Eolia in 2019 for around 1.4 billion euros ($1.7 billion) including debt and is considering capitalising on growing investor appetite for renewable energy assets in Southern Europe.