- Foresight Group LLP ("Foresight”) has completed investment in projects with a waste processing capacity of over 500,000 tonnes per annum.
- £130 million invested in twelve projects, three already operational, the remainder under construction
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With the completion late last year of the investment from its UK Waste Resources and Energy Investments ("UKWREI”) fund into the £110 million, 20.2MWe, 7.8MWth Mersey Bioenergy Combined Heat and Power (CHP) plant in Widnes, Foresight has now completed investments into projects with new waste processing capacity throughout the UK of more than 500,000 tonnes per year.
Projects within Foresight’s environmental portfolio range from large utility scale recovered wood facilities including Widnes in the North West, Evermore in Northern Ireland and Birmingham BioPower in the West Midlands to London’s first operational utility scale Anaerobic Digestion ("AD”) plant in Dagenham, east London, smaller-scale £3 million on-farm AD plants in Northern Ireland and pioneering and innovative plastics recycling facilities like PlasRecycle, the UK’s first plastic bag and plastic film recycling facility based in south east London.
Nigel Aitchison, Foresight Partner and Head of Environmental said "This is a significant milestone for Foresight. The remit from our two institutional environmental funds have set challenging mandates:
- to create new capacity
- to divert waste away from landfill
- to reduce CO2 emissions
- to create new and sustainable jobs
- to deliver a suitable commercial return for our investors.
"Getting to the point where we have been able to demonstrate that new capacity is under construction is a great achievement. Our projects will be contributing more than 50MW of renewable electricity when the last of the facilities comes on line in late 2016, diverting more than 500,000 tonnes of waste from landfill every year, and creating in excess of 800 construction and full time jobs in this dynamic emerging sector.”
"We see this very much as the beginning with substantial investment potential remaining within the UK’s waste and renewable energy sector. We have a pipeline of projects both large and small and our institutional investors we believe have an increasing appetite to do more in this space. We therefore expect to see 2015 as being as productive as 2014”
For further information
Ben Thompson, Foresight020 3667 firstname.lastname@example.org
Notes to Editors
About Foresight Group LLP
Foresight Group is a leading independent infrastructure and private equity investment manager that has been managing investment funds on behalf of institutions and retail clients for 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 £1.3 billion of assets under management and boasts one of the UK's leading Environmental infrastructure investment teams. It is responsible for managing approximately £150 million of environmental assets which include the £60 million Foresight Environmental Fund (FEF) and the £68 million mandate from the UK Government's Green Investment Bank for UK environmental infrastructure.
About Foresight Environmental Fund ("FEF”)
A £60.6 million fund launched in March 2011 with a cornerstone commitment of £35 million from the European Investment Bank, in part funded by the European Regional Development Fund ("ERDF"), the London Waste and Recycling Board ("LWaRB") and other institutional investors.
•Forecast to be fully deployed in Q1 2015
•Average total project size of £10m
•Average investment of £7m
•Total capital mobilised to date of £112m
About UK Waste Resources and Energy Investments Fund (UKWREI)
In 2012, Foresight was appointed as the first external fund manager by the UK Government’s Green Investment Bank ("GIB”), and was awarded an initial tranche of £50 million later extended to £68 million to invest in renewable energy and related waste infrastructure across the UK. The Fund is to be invested alongside matching institutional capital from the private sector.
•Forecast to be fully deployed in Q1 2015 following planned investments of c. £30m.
•Average investment of £6.6m
•Average total project size of £39.2m
•Total capital mobilised to date of £250m