Glennmont Clean Energy Infrastructure Fund Oversubscribed, Reaches €500M Cap

Glennmont Clean Energy Infrastructure Fund

Glennmont Partners, one of Europe’s largest fund managers focusing exclusively on investment in clean energy infrastructure, has successfully closed its second fund, Clean Energy Fund II, having raised €500 million, the maximum amount permitted, exceeding its target of €450 million.

The life of the fund is ten years and the fundraising has been supported both by existing and new investors, including the European Investment Bank (EIB) which invested €50 million, the single largest clean energy equity investment it made in 2013 . With its second fund, Glennmont has attracted capital from new territories and now has investors in its funds based across Europe, the US, the Middle East and Asia.

Commenting on the final close of its second fund, Glennmont Managing Partner Joost Bergsma said: “We were previously a specialist team working within other institutions, but having established Glennmont we are now a specialist independent partner and our investors value that. We have now fully invested our first fund, building on our existing track record as an independent company. The oversubscribed nature of our second fund raising, and the breadth and calibre of our investors, is a clear signal that the markets appetite for yield and long term capital appreciation remains healthy.”

Glennmont was founded last year as a spin-off from BNP Paribas Investment Partners. It manages long-term capital to invest in alternative power generation projects focusing on proven technologies such as wind, biomass, solar and small-scale hydro across the UK and continental Europe. Glennmont’s first fund has operating infrastructure projects in the UK, Ireland, France, Italy and Portugal totalling 354MW collectively

Bergsma added, “Our team is already assessing a number of high quality investment opportunities and we’re ready to continue to grow by backing only carefully selected, risk managed investments. The closing of our second fund reflects investor confidence in our ability to deliver sustained performance and predictable returns.”

About Glennmont Partners

Glennmont Partners is one of Europe’s largest fund managers focusing exclusively on investment in clean energy infrastructure. It raises long-term capital to invest in alternative power generation projects, such as wind farms, biomass power stations, solar parks and small-scale hydro power plants. It’s carefully selected, risk managed investments deliver sustained performance and predictable returns over periods of 10 years or more. Formerly BNP Paribas Clean Energy Partners, the team has been working together since 2007 and has established a reputation for making intelligent, long-term investments that deliver absolute returns. Glennmont Partners is owned and managed by four partners: Joost Bergsma – CEO, Francesco Cacciabue – CFO, Peter Dickson – Technical Director and Scott Lawrence – Partner. BNP Paribas Investment Partners acted as global placement for Glennmont. Global Private Equity Partners acted as sole placement agent in France and the Middle East.

Details of top diagram:

The UK

01. UK Biomass 1

Technology: Biomass
Investment year: 2011

38 MW straw-fired biomass plant in the UK, currently under construction.

02. UK Wind 1

Technology: Wind
Secured: 2008
Investment year: 2012 to 2013

11.5 MW wind farm in the North of England. Construction started in October 2012.

03. UK Wind 2

Technology: Wind
Investment year: 2011

25 MW operational wind park in Northern Ireland.

Ireland

01. Irish Wind 1

Technology: Wind
Investment year: 2010

20 MW operational wind park in Ireland, using Nordex N90 LS turbines.

France

01. French Wind 1

Technology: Wind
Investment year: 2009

12 MW operational wind park in central France.

02. French Wind 2

Technology: Wind
Investment year: 2011

12 MW operational wind farm in France, using Fuhrländer FL2500/90 turbines.

03. French Wind 3

Technology: Wind
Investment year: 2011

35 MW wind portfolio in France, using Nordex N90 and N100 turbines. Two sites are fully operational, and a third is under construction.

04. French Solar PV1

Technology: Solar
Investment year: 2012

55 MW operational solar portfolio consisting of 5 solar parks in France, all mounted on car park roofs.

Italy

01. Italian Solar PV1

Technology: Solar
Investment year: 2010

13 MW solar park in Italy, which has been operational since 2011.

02. Italian Solar PV2

Technology: Solar
Investment year: 2010

24 MW operational solar park in Italy.

03. Italian Solar PV3

Technology: Solar
Investment year: 2012

48 MW operational solar park in Italy, using panels by 2 leading panel manufacturers.

Portugal

01. Portuguese Solar PV1

Technology: Solar
Investment year: 2011

22 MW operational solar assets, split across 2 sites in Portugal.

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