UK local authority pension funds are among investors backing Foresight Group’s European energy infrastructure fund.
Since the Foresight Energy Infrastructure Partners’ (FEIP) interim close in January, the fund has received €285m in new commitments from investors including LCIV Renewable Infrastructure Fund, the newly-created open-ended vehicle which invests in renewable infrastructure funds on behalf of London local government pension schemes. Other investors backing the latest close also include other UK and Swedish investors.
In total, the fund’s commitment has reached €716m, including co-investments to date of €170m, the manager said.
The fund has decarbonisation objectives in line with the Paris Climate Agreement and, specifically, three of the UN’s sustainable development goals: affordable and clean energy; industry, innovation and infrastructure; and climate action.
Foresight Group said the fund has made four investments to date, with new investments in a 16.8MW Italian energy-from-waste plant and an 88MW onshore wind farm in Finland announced last month.
Nigel Aitchison, Foresight’s head of infrastructure, said: “This latest FEIP close shows once again that investor appetite for Foresight’s sustainability-led strategies is continuing to grow, while a strong pipeline of potential investment targets has also been supporting the fundraising process.
“The FEIP team led by portfolio managers Dan Wells and Richard Thompson are making excellent progress towards our objective of ensuring that FEIP becomes a leading platform in capturing opportunities from the evolving transition to a decarbonised energy infrastructure system in Europe, North America and Australia.”
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