Foresight Group has announced that assets under management (“AUM”) have grown by more than 50 per cent in 2013 to over £1bn.
Foresight’s infrastructure business which includes its solar activities has grown rapidly and now accounts for approximately two thirds of group AUM.
Foresight first established its solar team in 2007, and its depth of experience and expertise in the sector saw it recently list the £150m Foresight Solar Fund on the main market of the London Stock Exchange.
Earlier in the year, Foresight had executed an innovative refinancing of its UK solar assets through the issue of an index-linked Solar Bond, the largest in the UK to date at £60m, which saw an immediate increase in target returns for investors of 15 per cent.
Foresight’s private equity business has expanded into Nottingham where it opened its first regional UK office and successfully launched Foresight Nottingham Fund, a £40m regional growth fund targeting SMEs and start ups in Nottingham and Nottinghamshire.
Foresight’s environmental investment business has seen an acceleration in the deployment of investments managed for UK Green Investment Bank (GIB), the London Green Fund, the European Investment Bank, institutional investors and private investors.
In July, Foresight invested £20m from its UK Waste Resources and Energy Investments fund, corner stoned by GIB, in the £81m 15.8MWe Evermore Combined Heat and Power plant, to be built in Derry Londonderry port and expected to be operational in 2015, which, over its lifetime will divert more than 2 million tonnes of wood from landfill, save 3.7 million tonnes of CO2e emissions and produce enough electricity to support the equivalent of 25,000 homes.
The Evermore plant will be the largest renewable energy plant in the region increasing renewable electricity generation in Northern Ireland by around 10 per cent.