Fu-Gen secures US$342m for renewables, energy storage and green hydrogen portfolio

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
The IPP will make its firsts renewable investments in the UK and Finland later this year as well its first battery storage project. Image: Fu-Gen.

Independent power producer (IPP) Fu-Gen has secured €320 million (US$342 million) in financing for renewables, battery storage and green hydrogen projects across Europe.

The IPP secured funds through three Israeli companies – Migdal Insurance, Menora Mivtachim Insurance and Arkin Group – which will allow it to enter newer markets in the north of Europe.

Its first investments in the UK and Finland are planned for later this year, while its maiden battery storage project investment is also expected to take place in 2022.

The Swiss IPP will invest the funds both in greenfield assets as well as projects in late development in the UK and in northern European countries for the next eight years.

Yaron Feingers, CEO and co-Founder of Fu-Gen, said: “Through the Fu-Gen platform, we will scale our investment in, and deployment of, the renewable energy technologies essential to the transition in our core Nordic markets as well as expand into new markets with favourable policy and commercial fundamentals including the UK.”

Fu-Gen currently has a portfolio of 1.5GW renewable assets in different stages of development in Europe.

Read Next

May 26, 2022
Danish developer Better Energy has partnered with Finish solar company Forus to develop more than 1GW of solar PV in Finland.
May 26, 2022
Leading solar manufacturers have implored governments to implement tax credits and other financial incentives to stimulate domestic PV manufacturing.
May 24, 2022
Canadian Solar has unveiled a new PV manufacturing strategy, bringing more upstream capacity inhouse to reduce its exposure to pricing volatility.
May 24, 2022
South Korean conglomerate Hanwha Group has said it will invest US$3.3 billion in solar and wind technology and intends to create a solar R&D hub in Korea as part of a massive investment strategy focused on several industrial areas.
May 18, 2022
The UN secretary-general, António Guterres, has issued a stark warning concerning the “dismal litany of humanity’s failure to tackle climate disruption” in an speech in which he set out “five critical actions to jumpstart the renewable energy transition”.
May 18, 2022
Shoals Technologies has become the latest solar manufacturer to adjust its guidance for the year, blaming an “increasingly challenging environment” caused by the US AD/CVD investigation.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
June 7, 2022
Leonardo Royal London City, London, UK
Solar Media Events
June 14, 2022
Napa, USA
Solar Media Events
June 22, 2022
Sheraton Austin Hotel at the Capitol, Austin, Texas