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New LPs help Foresight pass €880m for sustainable energy infra fundraise, co-investments

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Private equity and infrastructure manager Foresight Group has passed €880m of LP capital for its Foresight Energy Infrastructure Partners fundraise.

The firm has collected about €716m for an interim close of the fund and another €170m in co-investment capital.

FEIP has brought in about €285m of new capital since its last interim close in January, with new investors including LCIV Renewable Infrastructure Fund and other UK and Swedish investors.

Foresight hit a €342m first close for the fund at the start of 2020. Backers at that stage included DNB, PRI Pensionsgaranti, Arcano Earth Fund, IMAS Foundation, and the European Investment Bank, while contributions since have also come from Postens Pensionsstiftelse, among others.

The fund will focus on low-carbon energy infrastructure assets predominately located in Europe. These assets include wind, solar and hydropower assets as well as energy storage assets and transmission and distribution assets.

FEIP has made four investments to date, with new investments in a 16.8 MW Italian energy-from-waste plant and a 88 MW onshore wind farm in Finland announced in May.

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.”

Worthwhile Capital Partners is acting as placement agent for the Nordic region and Astrid Advisors for Europe outside the Nordics. Ashurst acted as legal advisor.

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Source: https://www.altassets.net/private-equity-news/by-pe-sector/specialist-pe-sectors/new-lps-help-foresight-pass-e880m-for-sustainable-energy-infra-fundraise-co-investments.html

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