Foresight Group (Foresight) is delighted to confirm its appointment by UK Green Investments (UKGI), the specialist team within the Department for Business, Innovation and Skills (BIS) to manage £50 million of an initial £80 million investment fund set aside by the Government for green infrastructure projects across the UK.
Foresight has had a strategic focus on the waste and environmental sectors since 2006, and in that time has assembled one of the most experienced technical and commercial teams in the market - a team that Foresight is now committed to grow further.
This appointment by BIS confirms Foresight’s position as one of the market leaders in waste and environmental investment management, with a growing £125 million portfolio of recycling, biomass and waste to energy companies.
This appointment is the second such mandate that Foresight has been awarded following a rigorous and competitive process. In spring 2011, Foresight was appointed to manage a similar fund which benefited from a cornerstone investment of £35 million from the London Green Fund, alongside a further £25million of institutional funds raised by Foresight to create the innovative Foresight Environmental Fund (FEF) with a remit to support the drive towards London becoming a world leading low carbon city.
Andrew Page, partner and head of Environmental at Foresight commented: "We have established a position as a leader in environmental investing with a long-term commitment to the sector. We are delighted to have been selected by UKGI to invest in UK companies utilising proven technologies to support the development of the waste sector , making the most of the valuable resources within waste streams, contributing to achieving the UK’s environmental targets and creating a substantial number of jobs across the country".
Foresight will be adding to the £50 million commitment from the UKGI with significant further funds of at least £50 million from public and corporate pension funds and other institutional investors, together generating a substantial investment force with the potential to create significant public and private investment momentum in the waste and related renewable energy sectors.
For further information, please contact:
Ben Thompson: email@example.com / +44 (0)20 3667 8155
Notes to editors:
Foresight is an independent specialist environmental, infrastructure and private equity investor, which focuses primarily on investments in unquoted UK and European companies or projects and offers investors exclusive access to attractive income and growth opportunities.
Foresight has in excess of £650 million assets under management across a number of funds, including Limited Partnerships, Enterprise Investment Schemes (EIS) and Venture Capital Trusts (VCTs).
In the solar sector, Foresight’s solar funds have already invested in more than £300 million of operating PV assets in the UK, Italy and Spain.
Amongst its VCT portfolio, Foresight has recently successfully closed fundraisings for Foresight Solar VCT at £38m and Foresight Solar EIS at £27.5m and has raised in excess of £30m for its unique Infrastructure VCT Shares, an innovative new share class which targets investments in energy generation projects and secondary PFI. Foresight manages the most successful VCT ever, Foresight VCT which has returned more than 1.8x original investment in dividends to its investors.
About UK Green Investments (UKGI)
The Government is investing as UK Green Investments (UKGI) in green infrastructure projects from April 2012 focusing on the UK Green Investment Bank’s (GIB’s) five priority sectors, ahead of obtaining state aid approval for the GIB.
The GIB is designed to accelerate private sector investment in the UK’s transition to a green economy. Offshore wind power generation, commercial and industrial waste processing and recycling, energy from waste generation, non-domestic energy efficiency and support for the Green Deal will be the first priority sectors for the GIB.
The Government is committed to setting the UK firmly on course towards a green and growing economy. The transition to a green economy presents significant growth opportunities for UK-based businesses, both at home and abroad. This progression requires unprecedented investment in key green sectors. An estimated investment of up to £200 billion in the energy system alone is needed over the period to 2020. The GIB will be uniquely placed to facilitate the transition to a green economy base by addressing the financing challenges affecting green infrastructure projects. These challenges have led to significant under investment in the key areas required to deliver this transition. Capitalised with £3 billion, the GIB will complement other green policies to help accelerate additional capital in green infrastructure.
The GIB will be based in Edinburgh and London. The headquarters of the GIB will be located in Edinburgh, with the GIB’s main transaction team based in London. This arrangement will enable a greater commercial reach nationally than could be achieved from one location.