UK-based Glennmont Partners, one of Europe’s largest dedicated clean energy infrastructure fund managers has announced that it has opened a new third fund and is seeking renewable energy projects in Europe to build a 500 MW fund portfolio.
According to a statement, Glennmont Partners has expanded its investment capacity in the clean energy infrastructure space and now has three funds under management – these are Fund I (2010) and Fund II (2013), which are fully invested, and now a new third Fund (2017). Opportunities are being sought for a portfolio of clean energy infrastructure projects in Europe.
The announcement follows the successful refinancing of its Sleaford REP straw-fired combined heat and power (CHP) plant in the UK in September 2017 and its Italian 245 MW wind portfolio in October 2017 – amounting to around EUR 340 million of capital raised over the course of 2017.
The company’s strategy remains consistent with its past experiences and it seeks to invest in solar PV, offshore and onshore wind, bioenergy and small-scale hydro across the European Economic Area (EEA). It will target to-be-built and recently operational assets with stable, predictable cash yields underpinned by regulated and contracted revenues.
Glennmont continues to believe that the clean energy market is attractive to investors and delighted to have expanded its investment capacity allowing us to continue to find and deliver value across a diversified portfolio of power generation assets. When we formed Glennmont in 2007 we were clear that our specialist focus on clean energy infrastructure investments would allow us to set the standard for the clean energy industry. Our Investment and Asset Management teams work together to identify, secure and add value to some of the best clean energy generation assets in Europe, said Joost Bergsma, CEO, Glennmont Partners.
According to the company, its investment strategy is “evidence of the growing importance” of clean energy in the European energy portfolio. Fears of reduced profitability due to reducing government support schemes have been offset by the falling costs of renewable power produced; many new routes to market for power, such as the corporate PPA market; and the extension of a number of government support schemes.
The European Investment Bank (EIB) is providing financial support with the backing of the European Union through benefits from a guarantee from the European Union under the European Fund for Strategic Investments (EFSI).
The EIB welcomes the announcement by Glennmont Partners that it has returned to the clean energy investment market and is investing its third clean energy fund. This news is indicative of the momentum behind the global shift towards low carbon technologies that we are seeing currently. With investment in clean renewable energy at record levels, we can look forward to a similarly successful year in 2018 as we continue to drive innovation, create high-value jobs and tackle climate change, said Christopher Knowles, Head of EIB’s Infrastructure Fund and Climate Action Team.
