Foresight Group has acquired a majority stake in FlyRen Energy Group, an Italian renewable-energy developer, via its Foresight Energy Infrastructure Partners II (FEIP II) fund.
FlyRen, an independent renewable-power producer headquartered in Turin, has a development pipeline of approximately 2.2GW spanning solar, battery storage and onshore wind. The company delivers projects to the ready-to-build stage.
Foresight said the strategic investment “marks a milestone for FEIP II as it seeks to expand its presence in Europe and accelerate the delivery of clean-energy infrastructure, supporting Italy’s transition to a low-carbon economy”.
FEIP II invests across Europe in renewable generation, energy storage and grid infrastructure.
Raffaele Ciotta, managing director of Foresight Group, said: “This transaction further consolidates Foresight’s presence in Italy, a market with high growth potential where we have been operating for 18 years. We are excited to partner with the FlyRen team who have a long track record of renewables development and who are well placed to capitalise on the large opportunity in Italy supported by a favourable regulatory framework.
“Through FEIP II, Foresight can play a leading role in supporting Italy’s transition to a clean power system.”
Richard Thompson, co-manager of Foresight Energy Infrastructure Partners, said: “This acquisition represents another significant milestone for FEIP II and further underlines our commitment to accelerating Europe’s energy transition. European energy resilience is front of mind across the continent and, with this acquisition, we can help advance energy independence as we look to build robust renewables-led energy systems that can help meet the growing demand for electricity while making us less reliant on fossil fuels.”
Carlo Garuzzo, founder and CEO of FlyRen Energy Group, said the partnership with Foresight would “strengthen one of Italy’s foremost renewable-energy platforms and firmly consolidates flyRen’s leading position in the Italian market”.
To read the latest IPE Real Assets magazine click here.
