Foresight announces £10m top-up for cleantech VCT

Foresight Group has announced a new £10m share offering in Foresight VCT 2 C, its technology and cleantech fund, which will take the total size of the fund to £24m. Launched in 2006, Foresight VCT 2 C is the only fund of its kind on the market, giving investors duel access to the rapidly growing cleantech sector as well as opportunities in more mature technology businesses, with an investment portfolio which currently includes Closed Loop, the UK's first food grade plastics recycling plant; O-Gen, an organic waste to energy business and Iskra, a manufacturer of tree-sized wind turbines. The launch of this new share offering displays Foresight's continuing interest in the cleantech sector and coincides with the recent closing of The Foresight Sustainable UK Investment Fund, a £20m fund designed to invest in environmental infrastructure businesses (19 November 2007, page 06).

In addition, Foresight has cemented its presence as a key investor in the cleantech sector with the formation of a strategic partnership with consulting and business services group Mouchel. The partnership is designed to develop cleantech infrastructure projects in the UK with an initial budget of £50m. The capital will target small-scale regional projects in key sectors including waste processing, water and wastewater management, recycling and renewable energy generation. Of the £50m, Foresight has provided £10m and intends to secure the balance through debt financing. Mouchel, which focuses on public sector and regulated industries and has extensive experience in the utilities and waste markets, will be responsible for identifying and assessing potential deals and providing project development support.

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• UK / Ireland
• Infrastructure