Europe’s leading clean energy fund manager Glennmont Partners from Nuveen (“Glennmont”) has agreed the sale of 100MW portfolio of eight operational onshore wind farms in France to TTR Green Fund IV and its co-investors.
The portfolio of onshore wind assets being acquired by the TTR Green Fund IV consortium consists of eight plants across Northern France, with tier-1 manufacturers, full-service contracts and is located in areas selected for high wind speed. The portfolio is 100% owned by Glennmont.
The deal represents the third divestment from Glennmont’s €500m Clean Energy Fund Europe II following the recent sale of one of the largest onshore wind portfolios in Italy by Glennmont to oil major, Eni. The French projects comprise of seven plants that are part of Fund II alongside one plant from Fund III. The sale is another example of Glennmont’s wider cluster divestment strategy to deliver value for investors in clean energy across the full investment cycle from investment to asset management and exit.
The sale will be subject to customary lenders change of control approval and French Ministry of Economy notification of foreign investment.
CEO and co-founder of Glennmont, Joost Bergsma said:
“We are pleased to finalise this divestment of Glennmont’s French wind assets from Fund II and Fund III. This deal further underlines the strength of our divestment strategy which continues to offer predictable and stable yields for our investors and assist meeting their sustainability goals. France remains an attractive geography for Glennmont where our expert team have a strong understanding of the local clean energy market. We look forward to securing further value from renewable energy investments in the future.”
In March 2021, Glennmont was acquired by Nuveen, the $1.3Tn global asset manager, which will better enable Glennmont to drive its plans to raise further renewable funds, and to target new investments in all major technologies – offshore wind, onshore wind and solar PV – in their core European markets as well as across Asia Pacific and the US.
For the transaction, Glennmont used Green Giraffe as financial advisers, Watson Farley & Williams as legal advisers, and Natural Power as technical advisers.
