Migdal Insurance, Menora Mivtachim and the Arkin Group announce an investment of up to 320 million euros
(Approximately NIS 1.12 billion), in Fu-Gen AG and Fu-Gen Assets 4 AB (Nordic Power 2 LP).
According to the outline of the deal, Migdal, Menora Mivtachim and Arkin will invest about 100 million euros (equity) in a platform managed by Fu-Gen AG. In addition, Migdal will acquire 19% of Fu-Gen AG and will have the option to invest directly in projects. As part of the deal, the tower will have the right to participate in projects developed by Fu-Gen (The Northern Cluster) and purchase up to 49% of each project for a total investment of up to 200 euros. Menora Mivtachim will be able to purchase up to 5% in Fu-Gen AG (Equity).
Fu-Gen’s total wind and solar energy projects to be built in Scandinavia are expected to reach 1,500 megawatts in the coming years, and will be a significant step in the European effort in general and the Nordic countries in particular to reduce carbon emissions and achieve energy independence. Fu-Gen AG will retain control of any of the projects.
Fu-Gen AG was founded in 2017 by Yaron Fingers and Lorenzo Lantry together with a group of professionals in the field of renewable energy. The company focuses on its business in Scandinavia, where it develops and establishes projects in the field of wind (Onshore and Offshore) solar and storage and hydrogen projects.
Sagi Yogev, CEO of Migdal Insurance, said: “We are proud to continue to establish our status as the leading Israeli body with the highest volume of investments in the infrastructure sector and in particular in the field of renewable energies. “Every new investment we lead is an implementation, in effect, of the company’s policy to manage its investments from an ESG perspective, in the deepest sense, and so is this joint investment in Fu-Gen’s growing and significant operations.”