For the second year running, Foresight Group (Foresight) was named "Financier of the Year” at the 2015 New Energy and CleanTech awards at a gala dinner in London last week.
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In the words of the Judges, "Foresight Group was recognised as a strong performer in this category based on a formidable year of backing renewables. Standout achievements included a £13.2 million investment into the Mersey Bioenergy project, the acquisition of three of the largest solar plants in the UK, and a total transactional deal value in excess of £360 million."
To crown the evening Foresight was selected by the Judges from other award winners to be "Company of the Year”. In the Judges words "…based on their (Foresight’s) comprehensive focus on the renewables industry, boasting an unparalleled scale and breadth of funds raised in 2014”.
Group highlights in the New Energy and CleanTech space for 2014/15 have included:
- securing funding for the £110 million 20.2MWe and 7.8MWh CHP plant in Widnes, the largest renewable energy plant in the North West including a £13.2 million direct investment from the Foresight managed GIB corner-stoned UK Waste Resources & Energy Investments (UKWREI) fund.
- growth of Foresight’s environmental portfolio now comprising 14 projects, which when operational will have the capacity per annum to:
- process c.1 million tonnes of waste
- generate more than 100MW of renewable energy
- divert over 800,000 tonnes of waste from landfill
- reduce greenhouse gas emissions by some 650,000 tCO2e
- financing of further environmental projects, including:
- investment of £28.25m into the £111m, 12.3MWe Energy from Waste (EfW) and adjacent Materials Recycling Facility (MRF) Levenseat Renewable Energy Limited project in Lanark.
- investment of £3.2m into two community scale 400kW on-farm Anaerobic Digestion plants in Counties Down and Tyrone, Northern Ireland, boosting the rural economy by £6.5m.
- investment of £15m into a utility scale 1.2MW AD and IVC facility in north London,
- investment of £1m into the east London based support service company, Orion
- doubling the assets under management (AUM) of Foresight Solar Fund Limited, the solar focused renewable infrastructure fund floated on the LSE in October 2013, now owning 10 utility scale solar plants in the UK with a capacity of 233MW
- acquisition of three of the UK’s largest operating Solar Plants, including the 46MW Landmead plant, and the 37MW plants at Kencot and Bournemouth.
- exit of Foresight Solar EIS Fund after four years offering investors a tax-free return of £1.33 from a net cash investment of 70p after tax relief exceeding the original target return and delivering a tax-free uplift for investors of around 90%.
- growth of Foresight’s solar portfolio to 52 plants with a capacity of more than 500MW and a value of over £1 billion
For further information, please contact:
Ben Thompson: Foresight Group: firstname.lastname@example.org / 01732 471855
Foresight Group 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 in excess of £1.4 billion assets under management and boasts one of the UK’s leading Environmental infrastructure investment teams. It is responsible for managing approximately £200 million of environmental assets which include the fully deployed £78 million UK Waste Resources and Energy Investments (UKWREI) fund cornerstoned by the UK Government’s Green Investment Bank for UK environmental infrastructure, the £50 Recycling and Waste (RAW) fund, cornerstoned by the GIB targeting waste projects no larger than £30m. Foresight also manages the £60 million Foresight Environmental Fund (FEF).
Foresight’s solar funds extend across 52 operational solar plants with a capacity of around 500MW in the UK, USA and southern Europe
In May 2013 Foresight 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, listed on the London Stock Exchange.
Foresight Solar Fund Limited (ticker FSFL) was listed on the main market of the London Stock Exchange in October 2013, raising £150 million, attracting backing from more than 65 institutional investors. In October 2014, the Company announced a £200m Placing Programme open until September 2015, of which £96.2m has been raised to date.
Foresight has offices in the UK; USA and Italy