Foresight Group Holdings Limited FEIP exceeds target by 70% at EUR851.4 million (9226L)
16 September 2021 - 04:00PM
UK Regulatory
TIDMFSG
RNS Number : 9226L
Foresight Group Holdings Limited
16 September 2021
16 September 2021
Foresight Group Holdings Limited
Foresight Energy Infrastructure Partners ("FEIP") exceeds target
by 70% with final close at EUR851.4 million and a total capital
pool in excess of EUR1.0 billion
Foresight Group ("Foresight"), a listed infrastructure and
private equity manager group, announces the final close for
Foresight Energy Infrastructure Partners ("FEIP" or "the Fund"), a
sustainability-led energy transition infrastructure fund investing
predominantly in Europe. FEIP has secured total commitments of
EUR851.4 million, 70% over the EUR500 million original target. The
Fund welcomed additional commitments of EUR64 million from existing
limited partners and an Italian institutional investor at final
close.
Including co-investments to date of EUR170 million, this
represents a total capital pool in excess of EUR1 billion for
Foresight's energy transition strategy. Commitments were made by
over 35 leading global institutional investors from Europe and
North America.
The Fund's strategy is to invest in opportunities created by the
transformational change underway in global energy markets.
Foresight is targeting a diversified portfolio of high-quality
energy infrastructure assets with strong sustainability
characteristics. FEIP's investment strategy has been shaped to
achieve specific decarbonisation objectives in line with the Paris
Climate Agreement. It aligns with the UN's Sustainable Development
Goals ("SDGs"), in particular with respect to Affordable and Clean
Energy (SDG 7), Industry, Innovation and Infrastructure (SDG 9) and
Climate Action (SDG 13).
The Fund has a strong pipeline of further opportunities in
Europe, North America and Australia, leveraging Foresight's deep
investment team resources and its reputation and track record in
the sector.
Nigel Aitchison, Foresight's Head of Infrastructure, commented:
"FEIP's fundraising success highlights the attractiveness of its
differentiated strategy and investor recognition of the profound
importance of sustainability for the investing landscape."
Dan Wells, Co-Manager of FEIP and Foresight Partner also
commented : "FEIP is a second-generation clean energy
infrastructure fund. We intend to contribute meaningfully to the
continued rapid build-out of a reliable, resilient and low-cost
decarbonised power system which lies at the heart of the necessary
transition of the global economy to a sustainable basis".
Richard Thompson, Co-Manager of FEIP and Foresight Partner added
: "The Fund's strategy is to construct a resilient portfolio of
infrastructure investments across renewables, storage and grid,
which have complementary characteristics to mitigate risk, driving
an enhanced risk adjusted return. With a real focus on renewable
enabling infrastructure, the fund has been designed to both
optimise the risk-adjusted return and maximise sustainability
impact by removing bottlenecks to the energy transition created by
the need for more flexibility and connectivity to accommodate the
growth in renewables."
The Fund has made four investments to date, two construction
stage onshore wind projects in Sweden and Finland, a portfolio of
onshore wind projects in Spain and an energy-from-waste plant in
Italy. FEIP's strategy has been designed to align to the EU Green
Taxonomy and each asset acquired by the Fund will also be so
certified. Together with alignment to the UN's Sustainable
Development Goals, this provides investors with greater
transparency on the impact credentials of the portfolio and gives
assurance that projects are making a genuine contribution to global
sustainability targets.
Foresight offers high quality Sustainability and ESG reporting
which covers ongoing monitoring of metrics including greenhouse gas
reduction and greenhouse gas intensity of invested capital,
renewable energy generation, and diversion of waste from
landfill.
Foresight has partnered with Worthwhile Capital Partners as
Placement Agent for the Nordic region and Astrid Advisors for
Europe ex Nordics. Ashurst LLP acted as legal advisor.
About Foresight Group
Foresight Group was founded in 1984 and is a leading
infrastructure and private equity investment manager. With a
long-established focus on ESG and sustainability-led strategies, it
aims to provide attractive returns to its institutional and private
investors from hard-to-access private markets. Foresight Group
manages over 300 infrastructure assets with a focus on solar and
onshore wind assets, bioenergy and waste, as well as renewable
energy enabling projects, energy efficiency management solutions,
social and core infrastructure projects and sustainable forestry
assets. Its private equity team manages five regionally focused
investment funds across the UK, supporting over 100 SMEs. Foresight
Group operates from 12 offices across six countries in Europe and
Australia with AUM of GBP7.8 billion as at 30 June 2021. Foresight
Group Holdings Limited listed on the Main Market of the London
Stock Exchange in February 2021. https://www.fsg-investors.com/
Enquiries:
Foresight Group
Louise Chesworth IR@foresightgroup.eu / +44 (0) 781 183
9587
Citigate Dewe Rogerson (Public relations adviser to Foresight
Group)
Caroline Merrell caroline.merrell@citigatedewerogerson.com
/ +44 7852 210329
Toby Moore toby.moore@citigatedewerogerson.com /
+44 7768 981763
Corporate Brokers
Jefferies +44 (0) 20 7029 8000
Paul Nicholls
Graham Davidson
Lee Morton
Max Jones
Numis +44 (0) 20 7260 1000
Stephen Westgate
Charlie Farquhar
Jamie Loughborough
Laura White
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