Independent power producer Fu-Gen has secured strategic investment that will enable it to deploy more than €320m for renewables growth.
The company is targeting onshore wind, solar, battery storage and green hydrogen.
Fu-Gen expects to make its first investments in the UK, Finland and in battery storage technologies later this year.
The strategic investment has been secured from two leading Israeli insurers and Pension fund managers Migdal Insurance, Menora Mivtachim Insurance and a leading Israeli Family Office investor, Arkin Group.
The investable capital is comprised of commitments to the newly established Fu-Gen Assets 4 Platform, direct equity investment in Fu-Gen AG as well as co-investment rights in projects held by Fu-Gen.
Established in 2017 by Yaron Feingers and Lorenzo Lanteri, Fu-Gen brings together a group of professionals with more than a century of combined experience developing, financing, constructing, operating, and optimising renewable energy assets to support Europe’s transition to a low carbon economy while delivering sustainable returns to its investors.
Founder Yaron Feingers said: “We are delighted to partner with Migdal Insurance, Menora Mivtachim Insurance and Arkin Group during this next stage of our exciting development.
Through the Fu-Gen platform, we will scale our investment in, and deployment of, the renewable energy technologies essential to the transition in our core Nordic markets as well as expand into new markets with favourable policy and commercial fundamentals including the UK.”