the insurance company tower Increased its investments in the field of renewable energy with an investment of an additional NIS 295 million (EUR 80 million) in the Danish investment management firm Copenhagen (CIP – Copenhagen Infrastructure Partners) operating in the field The renewable energies.
This investment joins Migdal’s previous investments in the Danish firm, and completes the total investment to NIS 1.5 billion. Most of the funds have been invested in the last two flagship funds of CIP (Funds 3 and 4), which are an anchor investment in long-term exposure to assets in the field of traditional alternative energy.
The amount in the current investment round will be invested in the Copenhagen Energy Transition Fund 1 fund, which focuses on projects to reduce emissions and reach a zero-emission target by 2050. The Copenhagen firm was founded in 2012 and manages infrastructure investments of about 16 billion euros in eight funds. The firm has several offices around the world and employs about 160 people.
Growing field with yields of 15% -17%
Migdal noted that the investment is part of a strategy to increase investment in the infrastructure sector, through investment in projects that are difficult to be exposed to through the tradable market. According to the insurance company, the investment in the fund allows the tower access to the initiation of assets in the growing field, which enjoys high returns of 15% -17%.
“This is an implementation of the company’s policy in the field ofESG“As part of which we aim to invest more than NIS 3 billion a year in Net Positive investments, thus combining valuable environmental aspects on the one hand and high and stable returns for Migdal colleagues on the other,” said Sagi Yogev, CEO of Migdal Insurance.
Erez Migdali: Acting Deputy General Manager
Meanwhile, the insurance company announced the appointment of Erez Migdali to the position of director of the investment division. Migdali has been acting director of the investment division for several months, after the previous division director, Guy Fischer, terminated his position.
As part of his role, Migdalim will be responsible for managing the investment division, which manages assets worth more than NIS 350 billion. In his most recent role as non-marketable investment manager, Towers led a large number of strategic investments, including NIS 2 billion in renewable energy infrastructure (wind and solar) in the US and Europe, as part of Migdal’s ESG policy implementation.
Migdal Insurance’s Chairman of the Board, Yiftach Ron Tal, wished Migdali great success in his role and stated that “Along with Erez Migdali being a veteran and valued manager in the Migdal Group, the vast knowledge and experience he has gained in the investment world is a significant indication of being the most suitable candidate for one of Migdal Insurance “Management of the investment division, and I am sure he will present impressive achievements in this position.”
Erez Migdali, Appointed Director of the Investment Division / Photo: Courtesy of Migdal Insurance