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Glennmont's 3rd renewables fund closes at record EUR 850m

Offshore wind farm. Photo by: Iberdrola (www.iberdrola.com).

June 4 (Renewables Now) - Glennmont Partners has achieved a record-high final close of EUR 850 million (USD 957m) for its third clean energy infrastructure fund in Europe, which will target offshore wind projects in addition to other renewable technologies.

The London-based fund manager said that the Clean Energy Fund III drew a high level of interest from investors, allowing it to over-achieve its EUR-600-million target. A mix of new and existing investors, including UK Local Authority Pension Plans and the European Investment Bank (EIB), committed capital to the fund.

According to Glennmont, the EUR 850 million raised is the largest amount that has ever been secured for a green energy-dedicated fund in Europe.

With a term of 10 years, the Clean Energy Fund III will invest in solar photovoltaic (PV), onshore wind, bioenergy and small-scale hydropower, as well as, for the first time, in offshore wind across the European Economic Area (EEA). It will target to-be-built and recently operational assets with stable and predictable cash yields. Over 70% of the fund will be invested in projects in the Eurozone, but the UK is also seen as a key market.

(EUR 1.0 = USD 1.126)

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