Foresight holds interim close of FEIP with commitments of EUR716m

Foresight Group Holdings Limited (Foresight), a an infrastructure and private equity manager, has held a further interim close for Foresight Energy Infrastructure Partners (FEIP), a sustainability-led energy infrastructure fund investing predominantly in Europe, with commitments of cEUR716 million.

Including co-investments to date of EUR170 million, this represents a total capital pool of cEUR886 million for Foresight’s energy transition strategy.

The close sees a total of cEUR285 million of new commitments from investors since the interim close announced in January 2021. These investors include LCIV Renewable Infrastructure Fund, the newly formed investment Fund managed by London LGPS CIV Ltd, and other UK and Swedish investors.

The fund has made four investments to date, with new investments in a 16.8 MW Italian energy-from-waste plant and a 88 MW onshore wind farm in Finland announced in May 2021. All assets are independently assessed for compliance with the EU Green Taxonomy. 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.

Nigel Aitchison, Foresight’s Head of Infrastructure, says: “This latest FEIP close shows once again that investor appetite for Foresight’s sustainability-led strategies is continuing to grow, while a strong pipeline of potential investment targets has also been supporting the fundraising process. The FEIP team led by Portfolio Managers Dan Wells and Richard Thompson are making excellent progress towards our objective of ensuring that FEIP becomes a leading platform in capturing opportunities from the evolving transition to a decarbonised energy infrastructure system in Europe, North America and Australia.”

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). 

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.