Glenmont ‘smashes’ hard cap with £754 million raise, targets European PV projects

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Altered Energy – Alternative Energy news

Published: 4 Jun 2019, 11:41

Glennmont Partners is to channel hundreds of millions to European solar PV projects over the next decade through a newly-closed fund, after it closed a record-breaking third raise.

The clean energy investor has wrapped up its third fundraise at €850 million (£754 million), surging past its initial target of €600 million (£532 million).

Over the next 10 years, Glenmont’s Clean Energy Fund III will buy European assets across all renewable technologies. To-be-built and newly completed projects will be a particular target, Glennmont said in a statement.

Infrastructure assets in the UK will be a particular target. 

Contacted by sister publication PV Tech today, the investor explained PV will receive 20-35% of the €850 million pot, but did not shed further light on the solar markets that will be prioritised. 

According to Glennmont, Fund III’s €850 million size makes it the largest pure-play renewable fund seen so far in Europe. Raised in less than two years, the fund far outstrips its predecessors of 2010 (€437 million, or US$491 million at today’s rates) and 2013 (€500 million, or US$562 million).

Investors to the fund – hailing from Europe (79%), Asia (12%) and North America (9%) – included UK pension plans. At €100 million, the European Investment Bank was amongst the largest contributors.

“This is the second time we partner with Glennmont,” noted Andrew McDowell, the EIB’s vice president leading on renewable moves. “We are particularly pleased to see the fund surpass its initial target size. This shows the impact public investment like the EIB’s can have.”

More on this story can be found at PV Tech.

Original Source

Altered Energy – Alternative Energy news