Madrid, October 22, 2025. COFIDES, through its Co-investment Fund (“FOCO”), commits €50m to Vesper Next Generation Infrastructure Fund I SCSp (the “Fund”) targeting to raise €800m for decarbonised, connected and sustainable infrastructure. 

Ángela Pérez, Chairperson and CEO at COFIDES, states: “The fund led by Vesper Infrastructure focuses on mid-market companies operating in strategic areas such as energy transition, sustainable mobility, digital infrastructure, and the circular economy. These investments are essential to drive sustainable growth and strengthen competitiveness in Spain. COFIDES’ participation, through FOCO, is especially timely, as it helps reduce the structural financing gap in this kind of project while reinforcing our commitment to decarbonization and sustainability.”

Livio Fenati, Founder and CEO at Vesper Infrastructure Partners, says: “We are truly humbled to have earned the trust of such an important institutional investor as COFIDES, their commitment is an important milestone that further validates the Fund’s compelling value-add mid market strategy and the team’s strong investment track record.”

Guillermo Royo-Villanova, Co-Founder and Partner at Vesper Infrastructure Partners, says: “We are thrilled that the Fund is joined by a new sophisticated investor like COFIDES, who adds scale and local expertise, accelerating the Fund’s deployment into value-add infrastructure investments in Spain.”

CO-INVESTMENT FUND FOR ATTRACTION OF FOREIGN INVESTMENT (FOCO)

FOCO is a fund created by the Government through the addendum to the Recovery, Transformation and Resilience Plan (PRTR) and has resources from the NextGenerationEU instrument. The purpose of FOCO, which is endowed with €2,000M, is to favour foreign investment in the Spanish economy, boosting access to financing for companies linked to the ecological and digital transitions, as well as biotechnology and technological innovation. FOCO investments must be contributed by a foreign co-investor and may be made through direct investment in companies or investment funds. The fund is fully operational and project proposals for FOCO funding can be submitted to foco@cofides.es.

VESPER INFRASTRUCTURE

The Fund focuses on investment opportunities in clean, digital and decentralised energy; decarbonised mobility and connected logistics; data-centric, low latency digital infrastructure; and sustainable, circular and healthy living solutions. To-date, the Fund has made six investments: RAD-x (March 2024), EAG Bioenergy (October 2024); SAF Aerogroup (April 2025); BioHold (June 2025); Thésée (July 2025); and Terakraft (August 2025). The portfolio benefits from significant geographical exposure (Germany, Switzerland, UK, Republic of Ireland, France, Italy, and Norway) and sectoral diversification (sustainable energy, social infra, data centres and mission-critical transport infrastructure). The Fund continues to look for additional investments to target a total portfolio of 8 to10 companies. 

ABOUT COFIDES

It is a state-owned trading company that manages state funds, as well as its own resources and those of third-party institutions. COFIDES's mission is to support the internationalization of the Spanish economy, attract foreign investment into strategic sectors in Spain, promote the impact economy, and contribute to global economic development. COFIDES is also instrumental in strengthening the solvency of Spanish companies, particularly in response to challenges such as the COVID-19 pandemic. COFIDES’s shareholders include the Spanish State, Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell, and CAF-Development Bank of Latin America.