Introduction to Venterra Group
The former chief executive of Petrofac, an oilfield services group that collapsed last month, is in talks to raise tens of millions of pounds for the offshore wind energy group he founded four years ago. Venterra Group, founded in 2021 by Ayman Asfari, is seeking £40m from investors amid the challenging climate gripping much of the renewable energy sector.
Background and Funding
Venterra has already raised a total of £250m of equity since its inception, including a significant amount from Beyond Net Zero, a fund linked to private equity firm General Atlantic. Lord Browne, the former chief executive of BP, sits on Venterra’s board as a non-executive director and represents the investment in Beyond Net Zero. Both General Atlantic Fund and First Reserve, another private equity investor in Venterra, planned to invest in the recent fundraising.
Challenges in the Renewable Energy Sector
While offshore wind remains an important element of the global energy transition, changing investment priorities have resulted in slower-than-expected growth for companies like Venterra. A source close to the company said the failure of several rounds of auctions in the European renewable energy industry, as well as ongoing political uncertainty, had contributed to turmoil in the offshore wind market.
About the Founder
Mr Asfari was a prominent figure in Britain’s energy services sector for years and stepped down as Petrofac boss in 2023. The company agreed to pay tens of millions of pounds last year after failing to stop former employees offering or paying bribes to secure contracts in the Middle East between 2012 and 2015.
Current Status
Venterra did not respond to email queries. The company’s efforts to raise additional funds come at a critical time for the offshore wind industry, which faces significant challenges in the current economic climate.
