Glennmont concludes EUR-190m wind portfolio refinancing in Italy

London-based renewable energy fund manager Glennmont Partners announced today that it has finalised a EUR-190-million (USD 224m) refinancing of the SER portfolio of operating wind farms in Italy.

Glennmont Partners said in a statement that this is the first bond ever in the wind sector of Italy. It concerns the SER portfolio comprising 231 wind turbines across Sicily and Puglia with a combined capacity of 245 MW. These wind parks entered into service in the period 2009-2012. The portfolio itself was bought in June 2016.

The refinancing replaces a portion of the original project finance debt. It was successfully arranged by Natixis and Unicredit, acting as structuring MLAs and bookrunners. DNV GL served as technical adviser and PwC as tax adviser. Orrick Herrington & Sutcliffe and Gianni, Origoni, Grippo, Cappelli & Partners provided legal advice to the borrower and lenders, respectively.

Glennmont operates a portfolio of mixed renewable energy generation surpassing 840 MW in total. Recently, it completed a GBP-150-million (USD 198m/EUR 168m) refinancing of the 40-MW Sleaford Renewable Energy Plant, a straw-fired biomass plant in Lincolnshire, the UK.

(EUR 1.0 = USD 0.181)

(GBP 1.0 = USD 1.321/EUR 1.119)

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