Glennmont Partners, one of the world’s largest fund managers focused exclusively on investing in clean energy infrastructure, has agreed the sale of its Portuguese Solar PV portfolio to First State Investments-owned renewable energy investment group, Finerge.
The unique Lucia portfolio sold comprises of four solar PV farms with a total installed capacity of circa 30MW. The four projects, Coruche (9.6MWp), Seixal (8.9MWp), Sol Cativante V (6.7MWp) and Sol Cativante VII (4.6MWp) commenced operations between 2013 and 2014. The Sol Cativante V project, an asset originally from Clean Energy Fund I, finalises Glennmont’s asset divestment from Fund I in Portugal. The full completion of the sale is subject to Portuguese administration clearance.
The assets are strategically located to ensure they benefit from the high levels of solar irradiance across the Santarem, Setúbal and Loulé regions of Southern and Central Portugal.
This deal represents another exciting milestone for Glennmont, as the first divestment from their €500 million Clean Energy Fund II that achieved final close in 2013. It further underlines their ability to deliver strong risk-adjusted returns for investors in the European clean energy market and the opportunities that solar PV continues to provide as an asset class.
Scott Lawrence, Partner at Glennmont Partners, said:
“We are delighted to finalise the first divestment from Glennmont’s Clean Energy Fund II with Finerge. This portfolio transaction underlines the quality and feasibility of our divestment strategy, delivering strong performance and predictable returns for investors.
Glennmont has been investing in Portugal for a decade and will continue to do so as the country is a key market for us.”