March 31 (Renewables Now) - London-based fund manager Glennmont Partners announced today it has decided to sale its 29.8-MW Portuguese solar portfolio to local renewable power company Finerge SA, owned by Australia's First State Investments.
Glennmont will sell four photovoltaic (PV) farms -- Coruche (9.6 MWp), Seixal (8.9 MWp), Sol Cativante V (6.7 MWp) and Sol Cativante VII (4.6 MWp) -- located in the Santarem, Setubal and Loule regions. These plants have been operational since 2013 and 2014.
This divestment is the first Glennmont has made through their EUR 500 million (USD 548m) Clean Energy Fund II, which reached final close in 2013. Additionally, with the sale of the Sol Cativante V facility, the company completes its asset divestment from the Clean Energy Fund I in Portugal.
The transaction is awaiting Portuguese administration clearance.
Glennmont has been investing in the Iberian country for a decade and intends to continue to do so as it views this market as a key one, Scott Lawrence, partner at Glennmont Partners, said.
(EUR 1 = USD 1.096)