Middle Eastern investors are to co-invest alongside UK Government money into UK waste and energy infrastructure projects, according to the Foresight Group.
Foresight has announced a partnership with Emirates NBD, a Dubai-based private bank, which is making its private client asset base available for co-investment.
“It is expected that Emirates NBD will provide matched funding alongside Foresight’s Green Investment Band-cornerstoned fund,” said Mark Burrows (above), institutional sales director at Foresight.
In 2012, the company was mandated to invest £50m of the GIB’s money through UK Waste Resources and Energy Investments fund (UKWREI), partly as a precursor to the bank becoming operational.
In September last year, UKWREI made its first - and only complete - investment of £2m into central London’s first anaerobic digestion (AD) plant. The £21m TEG Group AD plant and in-vessel composting facility will be situated in Dagenham, east London.
Burrows continued: “The UK waste and renewable energy infrastructure market continues to present a compelling investment opportunity, in particular to investors in the Middle East.
“This agreement is very exciting – not only for Foresight, but importantly for the waste and renewable energy market across the UK. It is clear that demand for UK infrastructure investments remains high among Middle Eastern investors.”
Mohammad Iravani, head of private capital investments at Emirates NBD Wealth Management, said: “With a growing global focus on renewable and eco-friendly energy options, investment in these alternative asset classes is generating great interest among many of our clientst.
“This is also in keeping with our strategic focus to encourage energy efficiency and environmentally friendly practices.”
- In June, the Greater London-focused Foresight Environmental Fund stated its intention to invest £2m in Cork-based Kedco’s planned biomass facility in Enfield, and help to raise further money for the project. The £60m fund is supported by the London Green Fund.