Glennmont Partners has completed the divestment of a portfolio of five car park canopy solar PV projects in northern France. With a total operating capacity of 55 MWp, the solar projects have been sold to the global solar independent power producer (IPP), Sonnedix.
The five solar PV car park canopy projects – Batilly (10.4 MWp), Douai (11.9 MWp), Flins (10.6 MWp), Maubeuge (11.8 MWp) and Sandouville (10.4 MWp) – commenced operations between December 2011 and January 2012. The sale continues to demonstrate the successful divestment of Glennmont’s Clean Energy Fund Europe I (“Fund”), which was fully invested in 14 onshore wind, solar PV and bioenergy assets across five geographies.
The sale also follows recent announcements of the sale of the Fund’s Portuguese solar PV projects to Cubico Sustainable Investments, French wind projects to Falck Renewables, and Italian solar PV to Tages. The Fund is now approaching the end of its divestments with upcoming sales expected to include Italian wind, UK and Irish wind, and UK biomass.
Joost Bergsma, CEO and Founding Partner of Glennmont Partners, said: “Glennmont is delighted with the outcome of this important sale of our French solar portfolio with appetite for assets showing no signs of abating. The deal further demonstrates Glennmont’s strategy of investing early in high-quality assets and optimising these in the initial years of their operational life to facilitate a steady stream of cash flow generation. Over the past 11 years Glennmont has been actively compiling a large mixed renewable energy portfolio, and we look forward to delivering further value for our investors across the investment cycle.”
Axel Thiemann, CEO of Sonnedix, said: “We’re delighted to exceed 200 MW operating capacity in France in 2019. Our focus on operational excellence ensures all assets are quickly and efficiently onboarded to our global platform. The pace of growth in-country is being mirrored in our other Europe markets, as we actively seek to develop, build and acquire assets across our platform for the long term”.