Venterra Group, the offshore wind energy company founded by former Petrofac chief executive Ayman Asfari, is currently negotiating to secure approximately £40 million in new equity funding. This development comes during a period of significant challenges for the renewable energy sector.
Funding Background and Key Investors
Since its establishment in 2021, Venterra has successfully raised £250 million in total equity. The company counts prominent private equity firms among its backers, including General Atlantic through its Beyond Net Zero fund and First Reserve. Both investors are expected to participate in this latest funding round.
Lord Browne, the former BP chief executive, serves as a non-executive director on Venterra's board, representing the Beyond Net Zero investment. His involvement brings considerable energy sector expertise to the company's leadership.
Challenges in Renewable Energy Investment
The offshore wind industry faces mounting headwinds due to shifting political landscapes and investment priorities. Sources close to Venterra attribute the current difficulties to several factors, including failed auction rounds across Europe's renewables industry and ongoing political uncertainty in both the United States and United Kingdom.
The investment climate has been particularly affected by Donald Trump's return to the White House, which has contributed to slower-than-anticipated growth for renewable energy companies like Venterra.
Asfari's Industry Track Record
Ayman Asfari, a well-known figure in Britain's energy services sector, stepped down as Petrofac's chief executive in 2023. His former company encountered significant legal challenges, agreeing to pay tens of millions in penalties after failing to prevent bribery incidents involving former employees between 2012 and 2015.
Despite these past controversies, Asfari has positioned Venterra as a key player in the global transition to cleaner energy sources, though the company declined to comment on the current fundraising efforts when approached by Sky News.
