Europe’s leading clean energy fund manager Glennmont Partners (“Glennmont”) and PGGM Infrastructure Fund (“PGGM”) have agreed the sale of one of the largest operating onshore wind projects platform in Italy to Eni.
The portfolio of onshore wind assets being acquired by Eni is made up of 13 plants spread across mainland Italy and Sicily, with a total installed capacity of c.315 MW, majority-owned by Glennmont. GEMS, the Italian asset manager is also part of the transaction.
The divestment portfolio includes SER, SER 1 and GEMS, jointly owned by Glennmont and PGGM, as well as Finpower and Eolica Lucana, which are both 100% owned by Glennmont. The sale will be subject to standard change of control procedure from the lenders.
The deal represents the second divestment from Glennmont’s €500m Clean Energy Fund Europe II and is a key part of the fund’s wider cluster divestment strategy as it continues to deliver value for investors from its clean energy assets.
For the transaction Glennmont and PGGM used Rothschild&Co and L&B Partners as financial advisers, Orrick Italian energy team as legal advisers, EOS as technical advisers, and PWC as tax and accounting advisers.
Francesco Cacciabue, Partner and CFO at Glennmont Partners, said:
“We’re delighted to agree the sale of this distinctive portfolio of Italian wind assets to Eni. This deal is the latest milestone for Glennmont’s Clean Energy Fund Europe II, underlining the strength of our divestment strategy for Fund II which is delivering predictable and stable returns for our investors.
Our team’s unique mix of expertise in operations and asset management ensures we are able to continue to identify and secure further value from renewable energy assets across an increasing number of geographies.”