Foresight Group is to acquire John Laing Environmental Assets Group, which has a portfolio of 28 operational projects, including renewables, in the UK and Europe.
The transaction, which will complete at the end of June, will bring Foresight’s assets under management to £4bn.
Foresight said the gross asset value of the John Laing projects, which also include wastewater and waste management, is £764m.
The co-heads of John Laing Environmental Assets Group, Chris Holmes and Chris Tanner, will become partners of Foresight Group.
John Laing Environmental Assets Group’s 12 strong team will relocate to Foresight’s London base in the Shard from the beginning of July.
Foresight partner and head of infrastructure Nigel Aitchison (pictured) said: “The complementary skills of the (John Laing Environmental Assets Group) team will further strengthen the depth and breadth of our specialist infrastructure team and Foresight’s position as a leading renewables energy infrastructure manager. We look forward to welcoming Chris and Chris and the team to the group.”
Foresight chairman Bernard Fairman said: “This brings our total assets under management to £4bn and strengthens our commitment to the clean energy and environmental infrastructure sector, where we are keen to consider other similar acquisitions globally.
“We are proud of our environmental focus which plays such a critical role in addressing the twin threats of climate change and energy security.
“Chris and Chris’s decision to join our Partnership is an endorsement of our strength in ESG and sustainability – investing for a smarter future.”
John Laing Environmental Assets Group chairman Richard Morse said: “We hold Foresight Group in high regard as a successful and experienced funds management platform with a track record of investment in environmental infrastructure asset classes.
“We look forward to working with Foresight as our investment advisory team is transferred from John Laing and as we continue to seek to enhance and grow our portfolio of environmental assets in the interests of shareholders.
“We wish to express our thanks to John Laing for its key role in establishing JLEN and for facilitating this change of investment adviser.”
Holmes and Tanner said: “We are delighted that our team will be joining Foresight and benefiting from its broad experience and geographical reach across a wide range of environmental sectors.”