Renewable energy investment fund manager, Glenmont Partners has launched its second fund.
Intended for renewable energy projects in Europe, €200 million (US$267.5 million) has already been raised.
New investors and remaining investors from Glenmont’s previous renewable energy fund, committed the €200 million in the first phase, with a target of €450 million (US$602 million) and lifespan of 10 years.
Glennmont managing partner Joost Bergsma said: “We were clear that our specialist focus on clean energy infrastructure investments would appeal to institutional investors' need for yield and long term capital appreciation”, citing the fund’s early success, as a fulfilment of investor needs, as well as Glenmont’s aims.
“Clean energy infrastructure is a highly attractive asset class for those investors looking for lower-risk assets simultaneously offering wealth protection, consistent yield and capital value appreciation,” added Bergsma.
Glennmont was founded at the start of 2013 and its first fund was successful, making investments worth more than €1 billion (US$1.3 billion) in the renewable energy sector, including investment for 165MW of solar technology.
Glennmont, a spin-off of BNP Paribas Clean Energy Partners, aims to raise long-term capital to invest in alternative power generation projects focusing on wind, biomass, solar and small-scale hydro.