Glennmont eyes offshore wind with €850 million fund

Fund manager Glennmont Partners has raised €850 million to invest in clean energy infrastructure projects across Europe, including its first forays into offshore wind.

Glennmont Partners' renewables portfolio includes onshore wind farms in Italy, France, the UK, and Ireland
Glennmont Partners' renewables portfolio includes onshore wind farms in Italy, France, the UK, and Ireland

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It plans to target "to-be-built and recently operational" renewable energy projects – including onshore and offshore wind – the UK-based investors stated.

More than 70% of the fund will be invested in projects in the European Economic Area, it added, but the UK will also be a target market.

It raised the €850 million sum – more than the €600 million it had originally targeted – with contributions from new and existing investors from Japan, the United States and Europe.

Glennmont intends to invest the fund over a period of ten years, it added.

It will also invest in solar PV, bioenergy and small-scale hydro.

Glennmont Partners has 870.3MW of operational renewable energy assets, according to its website. This includes 562.3MW of onshore wind farms in Italy, France, the UK, and Ireland.

The asset manager’s latest fund will help finance offshore wind for the first time, it added.

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