FEIP exceeds initial hard cap with further interim close at EUR787m
Foresight Group Holdings Limited (Foresight), an infrastructure and private equity manager, announces a further interim close for Foresight Energy Infrastructure Partners (FEIP), a sustainability-led energy infrastructure fund investing predominantly in Europe, having secured total commitments of cEUR787 million.
Including co-investments to date of EUR170 million, this represents a total capital pool of cEUR957 million for Foresight’s energy transition strategy.
The close sees a total of cEUR71 million of new commitments from investors since the interim close announced in June 2021. The maximum fund size permitted has been increased following consent from investors and the final close will now be in September 2021 after an extension to the fundraising period was granted.
The Fund has made four investments to date, two construction greenfield wind assets, an operating wind farm and an energy-from-waste plant. All assets have been independently assessed for compliance with the EU Green Taxonomy and each asset acquired by the Fund will also be 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.
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 adviser.