Foresight Group, a major infrastructure and private equity investment director, has announced it has secured total commitments to-date of EUR 342 million into Foresight Energy Infrastructure Fund.
Commitments into the Fund are created by institutional investors from around Europe, for example, life insurance provider in DNB, Norway’s biggest financial institution; PRI Pensionsgaranti, a Swedish mutually-owned insurer; Arcano Earth Fund, a sustainable infrastructure Fund of Funds handled by Spain’s leading alternative asset manager, Arcano Capital; a range of Swedish pension foundations acting through COIN, an investment management consultancy; IMAS Foundation, a sister foundation to the INGKA Foundation, proprietor of INGKA Group, which then owns the vast majority of IKEA’s department stores internationally; along with the European Investment Bank.
The team has a broad pipeline of investment opportunities and it’s anticipated that the Fund will obtain assets quickly, with EUR 275 million of their overall EUR 342 million of obligations which are on first Annual. FEIP will put money into all parts of fresh low-carbon energy infrastructure. Including: (I) a more wide selection of renewable energy production technologies especially wind, solar and hydropower; (ii) elastic renewable-enabling infrastructure, like batteries and other kinds of energy storage systems; and (iii) transmission and distribution resources.
It’s expected that the vast majority of investments will be made to greenfield jobs where Foresight can use its experience of handling projects during building, with the intent of delivering a high return return to investors. The Fund will keep a proportional allocation for investment to operational jobs to supply an element of money return.
Dan Wells, Partner in Foresight, stated,”FEIP’s plan was designed especially from the context of their evolving energy infrastructure industry, given the international transition into decentralised, digitised and decarbonised networks. While we’re thrilled with all the responsibilities procured for the First Final, the group’s focus is about the future and also the rapid installation of FEIP to a high quality asset portfolio”