Fu-Gen, an independent power producer, has received strategic funding that will allow it to invest more than €320 million in renewable energy development.
Onshore wind, solar, battery storage, and green hydrogen are among the company’s goals.
Later this year, Fu-Gen plans to make its first investments in the United Kingdom, Finland, and battery storage technology.
Two large Israeli insurers and pension fund managers, Migdal Insurance and Menora Mivtachim Insurance, as well as a leading Israeli Family Office investor, Arkin Group, have made strategic investments.
Commitments to the newly founded Fu-Gen Assets 4 Platform, direct equity investment in Fu-Gen AG, and co-investment rights in Fu-Gen projects make up the investable capital.
Fu-Gen, founded in 2017 by Yaron Feingers and Lorenzo Lanteri, brings together a group of professionals with over 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 long-term returns to its investors.
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.”