Switzerland-headquartered renewable power producer Future Generation (Fu-Gen) received €320m ($343m) in funding from investors including insurance providers Migdal and Menora Mivtachim on Monday.
Family office Arkin Group filled out the participants in the round, with each investor providing about €100m through equity funding in the company, financing for its newly formed Fu-Gen Assets 4 Platform and co-investment rights in its projects.
Founded in 2017, Fu-Gen is working on greenfield renewable energy infrastructure including wind and solar power projectss across the Nordic countries. It has more than 1.5 GW of assets in development.
The funding will be used to boost work on the company’s onshore wind, solar and green hydrogen projects. It also intends to expand its presence in the UK and Finland and add battery storage systems to its portfolio later this year.
Yaron Feingers, co-founder and chief executive of Fu-Gen, 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.”
Photo courtesy of Fu-Gen AG.
