Foresight Energy Infrastructure Partners II has acquired a majority stake in Italy’s flyRen Energy Group SpA.
The flagship energy transition fund managed by Foresight Group LLP said flyRen has a development pipeline of approximately 2.2GW across solar, battery storage and onshore wind.
The investment marks a milestone for FEIP II as it expands its presence in Europe and supports Italy’s transition to a low-carbon economy, according to the company.
Raffaele Ciotta, managing director of Foresight Group, said: “This transaction further consolidates Foresight’s presence in Italy, a market with high growth potential where we have been operating for 18 years. We are excited to partner with the flyRen team who have a long track record of renewables development and who are well placed to capitalise on the large opportunity in Italy supported by a favourable regulatory framework. Through FEIP II, Foresight can play a leading role in supporting Italy’s transition to a clean power system.”
Richard Thompson, co-manager, Foresight Energy Infrastructure Partners, said: “This acquisition represents another significant milestone for FEIP II and further underlines our commitment to accelerating Europe’s energy transition. European energy resilience is front of mind across the continent and with this acquisition, we can help advance energy independence as we look to build robust renewables-led energy systems that can help meet the growing demand for electricity while making us less reliant on fossil fuels.”
Carlo Garuzzo, founder and CEO of flyRen Energy Group SpA, said: “This partnership strengthens one of Italy’s foremost renewable-energy platforms and firmly consolidates flyRen’s leading position in the Italian market, delivering a first-class Independent Power Producer supported by an exceptional team of professionals”.