Emirates NBD, a leading bank in the Middle East, confirms that it will support investment in Britain’s renewable energy market through a partnership agreement with Foresight Group (Foresight), the environmental, infrastructure and private equity asset manager.
Emirates NBD through their wealth management division has committed to distributing co-investments with Foresight in UK renewables projects.
In 2012, Foresight was mandated to invest £50 million of Green Investment Bank ("GIB”) funds in UK based waste and renewable energy infrastructure projects, through GIB’s cornerstone investment into the UK Waste Resources and Energy Investments Fund (UKWREI).
Mark Burrows, Institutional Sales Director at Foresight said, "The UK waste and renewable energy infrastructure market continues to present a compelling investment opportunity, in particular to investors in the Middle East. It is expected that Emirates NBD will provide matched funding alongside Foresight’s GIB-cornerstoned fund. This agreement is very exciting – not only for Foresight, but importantly for the waste and renewable energy market across the UK. It is clear that demand for UK infrastructure investments remains high among Middle Eastern investors.
Mohammad Iravani, Head of Private Capital Investments at Emirates NBD Wealth Management said: "With a growing global focus on renewable and eco-friendly energy options, investment in these alternative asset classes is generating great interest among many of our clients at Emirates NBD Wealth Management. This is also in keeping with our strategic focus at Emirates NBD to encourage energy efficiency and environmentally friendly practices. We are pleased to work with Foresight Group to enable our High Net Worth clients to explore investment options in UK’s clean energy projects.”
Notes to editors
About Foresight Group
Foresight Group has been managing investment funds on behalf of institutions and retail clients for almost 30 years. With a background in Private Equity and Venture Capital, Foresight has diversified activities and today manages institutional funds principally in European Infrastructure (Solar and PPP), Environmental and UK small cap Private Equity, including six years of specific Infrastructure experience.
Foresight has in excess of £750 million assets under management, and has built one of the UK’s leading dedicated Environmental infrastructure investment teams. This team is responsible for managing the £50 million UK Waste Resources and Energy Investments fund ("UKWREI”) on behalf of the UK Government’s Green Investment Bank to invest in environmental infrastructure across the UK. The team also manages the £60 million Foresight Environmental Fund (FEF). Supported by the London Green Fund, launched by Mayor of London, Boris Johnson in early 2011 and in part funded by the European Regional Development Board (ERDF) and the London Waste and Recycling Board (LWaRB).
About Emirates NBD
Emirates NBD is a leading banking Group in the region. As at 31st March 2013, total assets were AED 315.8 billion. The Group has a leading retail banking franchise in the UAE, with over 149 branches and over 720 ATMs and CDMs. It is a major player in the UAE corporate banking arena and has strong Islamic banking, Global Markets & Treasury, Investment Banking, Private Banking, Asset Management and Brokerage operations.
The Group has operations in the UAE, the Kingdom of Saudi Arabia, Qatar, Singapore, the United Kingdom and Jersey (Channel Islands), and representative offices in India, Iran and China.
The Group is an active participant and supporter of the UAE’s main development initiatives and of the various educational, environmental, cultural, charity and community welfare establishments.
For more information, please visit: www.emiratesnbd.com
Hassan Al Khuwaildi | Hala Zamani
Group Marketing, Emirates NBD
Tel: 971-4-6093459 | 971-4—6093458
Mob: 971 50 7454454 | 971 50 8595599
Email: hassanAl@emiratesnbd.com | halaZ@emiratesnbd.com
Sudha Chandran | Hiba Moussa
Email: firstname.lastname@example.org | email@example.com
Ben Thompson, Marketing Director firstname.lastname@example.org Tel: +44 (0)20 3667 8155