04 Jun Fund manager Glennmont raises $947 million for European renewables projects
London-based fund manager Glennmont Partners will invest US$947 million in renewable energy projects in Europe and the UK, after completing an oversubscribed clean energy fund.
Glennmont claimed to have smashed records with its third clean energy fund, which exceeded the $675 million target raise after strong interest from investors in the US, Japan and Europe.
“Institutional investors globally recognise that energy transition and climate change is of key relevance to the performance of their portfolio,” said Glennmont’s chief executive Joost Bergsma.
“Glennmont’s investment strategy has proven to deliver good performance and predictable returns, and this strong demand from investors underlines the quality of the assets it invests in.”
The 10-year fund will focus on solar photovoltaic, onshore wind, bioenergy and small-scale hydropower projects, along with offshore wind projects across the European Economic Area for the first time.
Over 70% of the fund will be invested in the Eurozone as well as in the UK, which Glennmont called ‘an important market’.