European renewable energy investor Fu-Gen has raised over €320m from Israeli investors to target onshore wind, solar, battery storage and green hydrogen investment.
Fu-Gen said it has secured the capital commitments from insurers and pension fund managers Migdal Insurance and Menora Mivtachim Insurance and from family office investor Arkin Group.
It said the investors’ capital is comprised of commitments to the newly established Fu-Gen Assets 4 platform, direct equity investment in Fu-Gen as well as co-investment rights in projects held by Fu-Gen.
Fu-Gen said it expects to make its first investments in the UK, Finland and in battery storage technologies later this year.
Yaron Feingers, CEO and co-founder of Fu-Gen, said: “We are delighted to partner with Migdal Insurance, Menora Mivtachim Insurance and Arkin Group during this next stage of our exciting development.
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.”
Lorenzo Lanteri, director and co-founder of Fu-Gen, said Fu-Gen already enjoys strong relationships with value chain partners and local communities across its 1500MW portfolio in the Nordics.
“We will build on this established track record by investing in new and innovative storage technologies that will be essential for securing a decarbonised power sector in Europe.”
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