More in News, Power Plants, Storage, Projects, Markets & Finance, Companies, Financial & Legal, Europe

Foresight to ‘rapidly’ deploy new €342m raise throughout Europe

The Escallonilla Norte y Sur solar farm, part of Foresight's existing Spanish PV portfolio. Image: Foresight Group.

The Escallonilla Norte y Sur solar farm, part of Foresight's existing Spanish PV portfolio. Image: Foresight Group.

European investor Foresight Group expects to “rapidly” deploy the proceeds of its latest fund raise, targeting renewables, flexible infrastructure and grids across Europe.

This morning, Foresight confirmed that its new Foresight Energy Infrastructure Partners (FEIP) fund has secured €342 million (US$377 million) in commitments from institutional backers including DNB, the European Investment Bank and IMAS Foundation, which is a sister foundation of IKEA owner INGKA.

Foresight said it has already amassed an “extensive pipeline of investment opportunities” throughout Europe, stating that it expected to “acquire assets rapidly”.

Indeed, around €275 million (US$303 million) of the initial raise has already been earmarked for acquisitions.

The fund will acquire assets in three categories, namely renewable generation, flexible ‘renewable-enabling infrastructure’ such as batteries, and transmission and distribution assets.

Foresight has extensive expertise in those areas, with more than 2GW of generation under ownership. Some 1.3GW of that is solar, the majority of which is located in the UK. It also manages around 170MW of reserve power assets and three large-scale battery storage projects providing frequency response services to the UK’s electricity system operator, National Grid.

While not explicitly mentioned in today’s statement, Foresight has had a long-standing interest in Spain’s thriving PV market, snapping up a 50MW subsidy-free project in Andalusia last May which forms part of a 116MW-strong portfolio of subsidy-free solar farms Foresight holds in Iberia.

Dan Wells, partner at Foresight Group, said FEIP’s strategy had been designed specifically “in the context of the evolving energy infrastructure sector”.

“While we are delighted with the commitments secured for the first closing, the team’s focus is on the future and the rapid deployment of FEIP into a high-quality asset portfolio,” he added.

Foresight director Carlos Rey Micolau is among the list of speakers at next week’s Solar Finance & Investment Europe conference, organised by PV Tech publisher Solar Media. A limited number of tickets are still available for the event, held at London’s Victoria Park Plaza, and can be purchased here.

Tags: finance, renewables, solar, storage, investment, foresight group, sfi2020, lss2020

TechTalk Webinar: DSM Retrofit AR coating – profitable, reliable, bankable!

  • Mar 12, 2020
  • WEBINAR
  • PV Tech Event

If you are a solar park owner, investor, or O&M engineer looking for ways to increase the power output of your older solar parks, DSM’s Retrofit AR coating is the turnkey solution for you. To find out how it can maximize power yield and increase your cashflow in 2020, join this webinar, where DSM and its ecosystem partners will discuss all the relevant features of this technology from the perspective of investors, maintenance engineers, and asset owners. The Retrofit AR coating, an offspring of DSM’s industry-leading Anti-Reflective coating, gives older, uncoated solar modules an instant power boost of up to 3%. Application is fast and reliable. Commercially launched in 2019, it has already been applied to 50MWp of installations in Europe, representing a strong vote of confidence for this innovative technology.

TechTalk Webinar: DSM Retrofit AR coating – profitable, reliable, bankable!

Also read...

Comments