Clean energy fund manager Glennmont Partners has raised €500 million (US$657 million). The fund, Glennmont’s second, exceeded its €450 million target.
The European Investment Bank (EIB) contributed €50 million (US$65.7 million), the largest clean energy equity investment made by the bank in 2013.
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The fund attracted investment from Europe, Asia, US and the Middle East according to Glennmont, which is a spin-off from BNP Paribas Investment Partners.
“We were previously a specialist team working within other institutions, but having established Glennmont we are now a specialist independent partner and our investors value that,” said Joost Bergsma, managing partner, Glennmont.
“We have now fully invested our first fund, building on our existing track record as an independent company. The oversubscribed nature of our second fund raising, and the breadth and calibre of our investors, is a clear signal that the market's appetite for yield and long-term capital appreciation remains healthy,” added Bergsma.
Glennmont has invested in projects totalling 354MW in the UK, Ireland, France, Italy and Portugal.
It invests in wind, biomass, solar and small-scale hydro.
