Independent power producer (IPP) and renewable-energy investor Fu-Gen has secured a strategic investment from Israeli investors that will enable it to deploy more than €320 million ($343 million) toward Europe’s energy transition.
The investment capital came from two major Israeli insurers and pension fund managers, Migdal Insurance and Menora Mivtachim Insurance, and an Israeli family office investor, Arkin Group. The investable capital is composed of commitments to the newly established Fu-Gen Assets 4 Platform, direct equity investment in Fu-Gen AG and co-investment rights in projects held by Fu-Gen.
Fu-Gen will target investments in onshore wind, solar, battery storage and green hydrogen, with plans to make its first investments in the United Kingdom and Finland later this year. The IPP will target both greenfield renewable-energy assets and high-potential existing projects in later stages of development across the Nordics and, for the first time, the United Ki