Foresight, Emirates team up on green deals

Foresight Group, the England-based infrastructure and private equity manager, has formed a co-investment agreement with Emirates NBD for renewable energy deals in the UK.

The partnership will provide the Middle Eastern bank’s high-net-worth clients with the opportunity “to explore investment options in UK clean energy projects,” according to Mohammad Iravani, head of private capital investments at Emirates NBD Wealth Management.

Mark Burrows, institutional sales director at Foresight, said it is “expected” that Emirates NBD will provide matching funding alongside Foresight’s UK Waste Resources and Energy Investments Fund (UKWREI).

UKWREI last year received a cornerstone commitment of £50 million (€58 million; $75 million) from the UK’s Green Investment Bank for investment in UK-based waste and renewable energy infrastructure projects.

Burrows added that the partnership made it “clear that demand for UK infrastructure investments remains high among Middle Eastern investors”.

As well as UKWREI, Foresight Group also manages the £60 million Foresight Environmental Fund and has £750 million in total under management across its private equity, venture capital and infrastructure activities.

Emirates NBD had total assets of AED315.8 billion (€66.8 billion; $88.0 billion) at the end of March this year. Headquartered in the United Arab Emirates, the bank also has operations in Saudi Arabia, Qatar, Singapore, the UK and Jersey.