According to the outline of the deal, Migdal, Menora Mivtachim and the Arkin Group will invest about 100 million euros 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.
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.
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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. The Arkin Group made the significant initial investment in the company and are also participating in this round of recruitment.
Migdal Insurance, which has a volume of NIS 366 billion in managed assets, has continued to adopt ESG’s investment policy for more than a year and a half. Migdal has made a number of investments in the field, including a NIS 1.5 billion investment in the Copenhagen Fund, a Danish fund active in renewable energy projects. , A $ 100 million investment in BayWa Renewable Energy, an international growth company operating in the field of renewable energies, and a unique $ 60 million investment in the AMUNDI PLANET fund, established in partnership with large global institutional entities to develop “green” bond markets in emerging markets.
Fu-Gen was represented in the transaction by attorneys Ido Shomroni, Ram Spector and Alon Ziv from the firm of Sheblat & Co.; Migdal was represented by attorneys Roy Engel and Ariela Dreyfus of Barnea & Co. and Menora Mivtachim was represented by Adv. Yotam Leshem of Gross & Co.
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 practice, of the company’s policy This joint investment in Fu-Gen’s growing and significant activity. ”
Nir Moroz, Deputy CEO and Director of the Investment Division at Menora Mivtachim, said“We welcome the cooperation and investment in Fu-Gen and its future projects. This investment joins many other investments and on a large scale, which we recently made to diversify the investment portfolio of the group’s insured and members in order to achieve an excess return.”
Nir Arkin from the Arkin Group reported: “We consider our investment in Fu-Gen a strategic investment in the development of the company’s activities in the fields of renewable energies. “Arkin has been following the development and growth of the company for some time and is happy about the integration of our tower and lamp partners in the company, whose commitment to it will enable it to become a dominant player in the Nordic market and other European markets.”
Yaron Feingers, CEO and Founder of Fu-Gen, said: “We thank our existing and new partners Migdal Insurance, Menora Mivtachim and Arkin for the trust they have placed in us and are pleased with the strategic partnership with them that is expected to accelerate Fu-Gen’s operations in Europe. “The capabilities and financial understanding of its partnerships will expand the company’s ability to operate, especially in these days when the EU is accelerating its efforts to achieve energy independence and sustainable development for future generations.”
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