Glennmont Partners has entered into agreements to sell three operational, fixed-tilt, ground-mounted solar PV projects in the Algarve, Portugal, totalling 29.4MW, to Cubico Portugal Solar Holdings S.A., a company owned by Cubico Sustainable Investments.
Glennmont Partners is one of Europe’s largest fund managers focusing exclusively on investment in clean energy infrastructure. The three solar PV projects, Avalades (15.8MWp), Ferreiras (6.8MWp) and Sol Cativante V (6.8MWp) projects, started operations in 2012 and 2013 and are part of a combined deal in line with Glennmont’s divestment strategy for its first Fund.
The completion of this transaction is the first step towards the full divestment of Glennmont’s Clean Energy Fund Europe I (“Fund”), which was fully invested in 14 projects across 5 geographies. The Fund combined investments in onshore wind, solar PV and bioenergy markets.
This transaction leads the way for the next divestments to come for this Fund, which includes French and Italian wind and solar, as well as UK and Irish wind and biomass.
Scott Lawrence, a Founding Partner of Glennmont Partners, said: “We are pleased with the closing of this deal with Cubico. Glennmont has been an active investor in Portugal for a number of years and we believe our strategy for the Portuguese market has allowed us to continue to find and deliver value across a diversified portfolio of power generation assets. These solar assets have performed well for us since we built them, and believe they will continue to do so. Glennmont was formed in 2007 with a specialist focus on clean energy infrastructure investments and our team continues to identify, secure and add value to some of the best clean energy generation assets in Europe”.
David Swindin, Head of EMEA at Cubico said: “This is a unique acquisition for Cubico and adds to our growing portfolio of renewable energy assets with very strong contracted revenue profiles. These particular projects will help us to achieve scale in Portugal, leaving Cubico better placed for future opportunities in the market while increasing the capacity of our Iberian portfolio.”
