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.
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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.