25 April 2022, Zürich & Stockholm: Fu-Gen, the independent power producer (IPP) and renewable energy investor with the mission to empower future generations with sustainable energy solutions, is pleased to announce it has secured strategic investment that will enable it to deploy more than €320 million to finance the acceleration of Europe’s energy transition. Fu-Gen will be targeting investments in 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 dedicated 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. Operating with a long-term view, that prioritises the needs of the local community and environment, Fu-Gen is the IPP of choice for many in the Nordics, with more than 1500MW of assets in various stages of development in its portfolio.
Fu-Gen’s highly capable team will target both greenfield renewable energy assets and high-potential existing projects in later stages of development across the Nordics and, in a first for Fu-Gen, the United Kingdom. The platform from which Fu-Gen will deploy this capital is initially expected to operate for eight years and Fu-Gen has already identified a pipeline of potential opportunities.
Yaron Feingers, co-Founder of Fu-Gen, commented: “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”.
Lorenzo Lanteri, Director and co-Founder of Fu-Gen added: “Fu-Gen already enjoys strong relationships with value chain partners and local communities across our 1500MW portfolio in the Nordics. We will build on this established track record by investing in new and innovative storage technologies that will be essential for securing a decarbonised power sector in Europe”.
ENDS
About Fu-Gen AG
Founded in 2017, Fu-Gen is an entrepreneurial independent power producer and renewable energy investor that is active across Northern and Western Europe. From its offices in Stockholm and Zurich, Fu-Gen leverages nearly a century of expertise developing, financing, constructing, and optimising renewable energy assets and technologies to pursue its mission of empowering Future Generations with clean sustainable energy solutions. Backed by leading institutions and pension funds, Fu-Gen develops both greenfield renewable assets and invests in high-potential projects further along the value chain to deliver superior sustainable returns to its investors over the long-term.
For more information visit: www.fu-gen.com
Media Contact:
Maitland/AMO
Alasdair Lennon
Tel: +44 207 395 0435
Email: FuGen@Maitland.co.uk
Advisors to Fu-Gen AG:
- Wenger and Vieli (Swiss Legal)
- Hammarskold (Sweden – Legal)
- Shibolet & Co. (Israel – Legal)
- E&Y Sweden
