The companies Migdal Insurance, Menora Mivtachim and the Arkin Group announced on April 12, 2002 an investment of 320 million euros in the renewable energy company Fu-Gen
The companies Migdal Insurance, Menora Mivtachim and the Arkin Group announced on April 12, 2002 an investment of 320 million euros in the renewable energy company Fu-Gen
The investment will be made in Fu-Gen’s subsidiaries as follows:
- Migdal Insurance, Menora Mivtachim and the Arkin Group will invest about 100 million euros in the platform managed by Fu-Gen AG
- Migdal Insurance will acquire 19% of Fu-Gen AG and Menora Mivtachim will retain the right to purchase up to 5% of this company.
- Migdal Insurance will receive options for direct investment in Fu-Gen AG projects
- Migdal Insurance will have the right to participate in projects developed by Fu-Gen AG (The Northern Cluster) and purchase up to 49% of each project, so that its maximum investment will be 200 million euros.
The renewable energy company Fu-Gen AG was established in 2017, when the company made the significant initial investment to the Arkin Group, which is also a partner in the current investment. Also in this investment, Fu-Gen AG will retain the right to control each of the projects.
The renewable energy company Fu-Gen AG focuses on projects in the Scandinavian countries. The company establishes and develops projects in the field of wind energy (onshore and offshore) and solar energy as well as projects in the field of storage of renewable energy and projects in the field of hydrogen.
The company’s total projects in the Scandinavian region are expected to reach 1,500 megawatts – which will allow the Nordic countries to reduce carbon emissions and achieve energy independence.
Migdal Insurance CEO Sagi Yogev welcomed the investment and said that it was establishing the position of the company he heads as a leader in terms of investment in the field of infrastructure, especially in the field of renewable energies.
Menor Mivtachim, Deputy CEO and Director of the Company’s Investment Division, Nir Moroz, also welcomed the cooperation and the investment.
Nir Arkin of the Arkin Group said that the Arkin Group’s investment in the renewable energy company Fu-Gen is a strategic investment. According to him, the Arkin Group accompanies the development and growth of Fu-Gen and is happy about the cooperation with Insurance Tower and Menora Mivtachim. He believes that the investment will make Fu-Gen a key player in the field of renewable energies in the Nordic market in particular and the European market in general.