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Foresight Group has acquired a majority stake in FlyRen Energy Group, an Italian renewable-energy developer, via its Foresight Energy Infrastructure Partners II (FEIP II) fund.

FlyRen, an independent renewable-power producer headquartered in Turin, has a development pipeline of approximately 2.2GW spanning solar, battery storage and onshore wind. The company delivers projects to the ready-to-build stage.

Foresight said the strategic investment 鈥渕arks a milestone for FEIP II as it seeks to expand its presence in Europe and accelerate the delivery of clean-energy infrastructure, supporting Italy鈥檚 transition to a low-carbon economy鈥�. 

FEIP II invests across Europe in renewable generation, energy storage and grid infrastructure.

Raffaele Ciotta, managing director of Foresight Group, said: 鈥淭his transaction further consolidates Foresight鈥檚 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.

鈥淭hrough FEIP II, Foresight can play a leading role in supporting Italy鈥檚 transition to a clean power system.鈥�

Richard Thompson, co-manager of Foresight Energy Infrastructure Partners, said: 鈥淭his acquisition represents another significant milestone for FEIP II and further underlines our commitment to accelerating Europe鈥檚 energy transition. 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.鈥�

Carlo Garuzzo, founder and CEO of FlyRen Energy Group, said the partnership with Foresight would 鈥渟trengthen one of Italy鈥檚 foremost renewable-energy platforms and firmly consolidates flyRen鈥檚 leading position in the Italian market鈥�.

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