January 28 (Renewables Now) - Foresight Energy Infrastructure Partners (FEIP), a new fund by Foresight Group focused on low-carbon energy infrastructure, has secured EUR 342 million (USD 377m) in total commitments to date.
FEIP will invest in renewables like wind, solar and hydropower, energy storage projects and transmission and distribution assets. Its investment strategy is tied to specific decarbonisation objectives in line with the Paris Agreement. It aligns with the UN Sustainable Development Goals (SDGs) related to Affordable and Clean Energy (SDG 7), Industry, Innovation and Infrastructure (SDG 9) and Climate Action (SDG 13).
Foresight Group said today the fund has secured commitments from institutional investors from across Europe, including the European Investment Bank (EIB), Norway's DNB, IMAS Foundation, PRI Pensionsgaranti, Arcano Earth Fund and several Swedish pension foundations acting through COIN.
John Laing Environmental Assets Group Ltd (LON:JLEN) announced in a separate statement a commitment of EUR 25 million to FEIP.
The fund will mainly invest in greenfield projects as Foresight seeks to utilise its experience of managing projects during construction to deliver “a premium return to investors”. A portion of FEIP’s money will go to operational assets in order to secure an element of cash yield.
“The portfolio will be structured with the objective of delivering an attractive risk-adjusted return to institutional investors, whilst providing a material and positive environmental and social impact,” said Richard Thompson, Partner at Foresight.
(EUR 1 = USD 1.1)