Glennmont closes EUR-500m renewables fund

Sep 1, 2014 - Glennmont Partners, which at the start of 2013 was spun off from BNP Paribas Investment Partners, today said it had raised EUR 500 million (USD 657m) from the completion of its second Europe-focused renewable energy fund.

The target size of the 10-year Clean Energy Fund II was initially set at EUR 450 million. “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,” said Glennmont managing partner Partner Joost Bergsma.

The raised proceeds from the company’s second renewables fund came from new as well as existing investors from Glennmont Partner’s first fund. The European Investment Bank (EIB) made an EUR-50-million contribution at the end of last year.

BNP Paribas Clean Energy Partners in January 2013 said it would spin off from the asset management arm of French bank BNP Paribas (EPA:BNP) and then renamed itself to Glennmont Partners. Glennmont focuses on the raising of long-term capital for investments into wind, biomass, solar and small-scale hydropower projects in the UK and continental Europe. Its first fund has 354 MW of operating infrastructure projects in the UK, Ireland, France, Italy and Portugal.

(EUR 1.0 = USD 1.313)

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