Group highlights for 2013 include:
- IPO of the £150m Foresight Solar Fund Limited (ticker FSFL) on LSE
- £60m index- linked solar Solar Bond, listed on LSE
- Acquisition of UK’s largest operating Solar Plant, at 32MW in Wymeswold, Leics.
- Acquisition of 24MW Solar Plant in Calabria, Italy, by ForVEI
- Acquisition of 8 secondary PFI assets comprising 14 Schools and Hospital projects
- Offices opened in San Francisco, CA and the Creative Quarter, Nottingham
- Led the £81 million Evermore Combined Heat & Power (CHP) transaction committing £20m of funds on behalf of the UK Green Investment Bank
- Exit of Alaric Systems through sale to NCR for $84m realising 5x multiple
- Launch of £40m Foresight Nottingham Fund ("FNF”), the regional growth fund targeting SMEs and start ups in Nottingham
- Investments in Procam TV, Aerospace Tooling Ltd, and Fire and Air Services Ltd
- UK Office relocation to the Shard, London Bridge scheduled for 2014
Foresight Group, the leading independent infrastructure and private equity investment manager, is pleased to announce that assets under management ("AUM”) have grown by more than 50% in 2013 to over £1bn.
Foresight’s infrastructure business which includes its solar activities has grown rapidly and now accounts for approximately two thirds of group AUM.
Foresight first established its solar team in 2007, and its depth of experience and expertise in the sector saw it recently successfully list the £150m Foresight Solar Fund Limited (ticker FSFL) on the main market of the London Stock Exchange.
Earlier in the year, Foresight had executed an innovative refinancing of its UK solar assets through the issue of an index-linked Solar Bond, the largest in the UK to date at £60m, which saw an immediate increase in target returns for investors of 15%.
Foresight has opened an office in San Francisco to allow it to apply its European expertise on behalf of investors in the fast developing US solar market and in December announced its first investment in a PV plant in Jamestown CA.
In Italy, ForVEI, the multishareholder vehicle, completed the acquisition of 24MW plant in Calabria from Talesun Solar. ForVEI has doubled its commitment to the European Solar market to €75m to fund future acquisitions.
Foresight’s private equity business has expanded into Nottingham where it opened its first regional UK office and successfully launched Foresight Nottingham Fund, a £40m regional growth fund targeting SMEs and start ups in Nottingham and Nottinghamshire.
Foresight’s private equity portfolio extends to more than 40 companies and earlier this month it announced the sale of Alaric Systems, the UK-based payments processing and fraud prevention and detection software company, to NCR Corporation, the NYSE listed, US based global leader in consumer transaction technologies, realising more than 5x return on investment.
Foresight’s environmental investment business has seen an acceleration in the deployment of investments managed for UK Green Investment Bank (GIB), the London Green Fund, the European Investment Bank, institutional investors and private investors.
In July, Foresight invested £20m from its UK Waste Resources and Energy Investments (UKWREI) fund, corner stoned by GIB, in the £81m 15.8MWe Evermore CHP (Combined Heat and Power) plant, to be built in Derry Londonderry port and expected to be operational in 2015, which, over its lifetime will divert more than 2 million tonnes of wood from landfill, save 3.7 million tonnes of CO2e emissions and produce enough electricity to support the equivalent of 25,000 homes. The Evermore plant will be the largest renewable energy plant in the region increasing renewable electricity generation in Northern Ireland by around 10%.
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For further information, please contact:
Ben Thompson: Foresight Group: firstname.lastname@example.org / +44 (0)20 3667 8155
Foresight Group is a leading independent infrastructure and private equity investment manager which has been managing investment funds on behalf of institutions and retail clients for almost 30 years. Foresight has diversified activities and today manages institutional funds in Infrastructure, Environmental and UK small cap Private Equity.
Foresight has £1 billion assets under management spread across a number of funds, including Listed Vehicles, Limited Partnerships, Enterprise Investment Schemes (EIS) and Venture Capital Trusts (VCTs).www.foresightgroup.eu