Foresight Energy Infrastructure Partners II (FEIP II) has acquired a majority stake in Italy’s flyRen Energy Group SpA, the fund’s manager Foresight Group LLP said on Thursday.
Foresight said flyRen brings a development pipeline of about 2.2 gigawatts spanning solar, battery storage and onshore wind projects. The investment marks a step in the fund’s expansion in Europe and supports Italy’s shift toward a low-carbon power system, the company said.
Raffaele Ciotta, managing director at Foresight Group, said the deal reinforces the firm’s long-standing presence in the country. “This transaction further consolidates Foresight’s presence in Italy, a market with high growth potential where we have been operating for 18 years. We are excited to partner with the flyRen team who have a long track record of renewables development and who are well placed to capitalise on the large opportunity in Italy supported by a favourable regulatory framework,” he said. “Through FEIP II, Foresight can play a leading role in supporting Italy’s transition to a clean power system.”
Richard Thompson, co-manager of FEIP II, said the acquisition highlights the fund’s goal of advancing Europe’s energy transition. “This acquisition represents another significant milestone for FEIP II and further underlines our commitment to accelerating Europe’s energy transition,” he said. “European energy resilience is front of mind across the continent and with this acquisition, we can help advance energy independence as we look to build robust renewables-led energy systems that can help meet the growing demand for electricity while making us less reliant on fossil fuels.”
Carlo Garuzzo, founder and chief executive of flyRen, said the partnership will strengthen the company’s market position. “This partnership strengthens one of Italy’s foremost renewable-energy platforms and firmly consolidates flyRen’s leading position in the Italian market, delivering a first-class Independent Power Producer supported by an exceptional team of professionals,” he said.
