FORESIGHT GROUP PREFERRED BIDDER TO MANAGE FUND

14 October

Foresight Group, a UK sustainable asset manager, has emerged as the preferred bidder in the competition to manage London's Waste Urban Development Fund. The new fund will look to lead a £200m investment programme in local-scale facilities designed to recover valuable resources and renewable energy from London's waste.

Foresight aims to use the fund to divert over 1.4m tonnes of municipal, commercial and other waste from landfill each year, reducing annual greenhouse gas emissions by nearly 1m tonnes and creating 380 new jobs in areas of London that need regeneration. The fund will finance decentralised energy and recycling facilities, which promote sustainable and carbon neutral economic growth, combat climate change and help the capital towards its target of reducing London's CO₂ emissions by 60 percent by 2025.

As preferred bidder Foresight expects to secure a £35m injection into the programme from the London Green Fund, and with further private sector co-financing the fund is anticipated to reach a value of £70m.

"We believe that recycling and recovery are one of the most sustainable sectors of London's industry," explains Matt Taylor, Partner, Foresight Group. "These projects can become firmly embedded in London's economy and generate secure local employment and long-term financial and environmental benefits".

Gemma Howard