Glennmont Partners (“Glennmont”) has completed the sale of Sleaford Renewable Energy Plant (“Sleaford REP”) to Greencoat Capital (“Greencoat”). With this sale, the last remaining asset of Glennmont’s €437m Clean Energy Fund I has been divested.
Sleaford REP is an operational 39 MWe renewable CHP plant which uses a blend of straw and sustainable woodchip to generate power and heat. The plant benefits from accreditation for 2.0 ROCs per MWh and has circa 15 years of ROC life remaining. Located within the ‘Grain Belt’ in Lincolnshire, the plant provides a reliable route to market for straw, an agricultural by-product which can represent an additional income source for local farmers. Heat generation by the plant is provided to the local swimming pool and other community facilities and the plant has recently signed a new community funding agreement with the local council.
The sale is one in a series of successful sales by Glennmont’s Funds in 2020. It follows the sale of a minority stake in a 211 MW Finnish wind project from Glennmont’s €850m Clean Energy Fund III in April, and the sale of a 30 MW Portuguese solar PV portfolio from Glennmont’s €500m Clean Energy Fund II in March.
Peter Dickson, Partner at Glennmont Partners, said:
“We are delighted to complete the sale of the Sleaford Renewable Energy Plant to Greencoat. This deal proves Glennmont’s ability to provide stable, predictable returns on investment in clean energy infrastructure.
The full divestment from Fund I underlines our successful approach working across different markets and technologies. Our team’s unique blend of expertise in operations and asset management will ensure that we continue to identify and secure further value from assets.
Sleaford has been an important asset for us in showcasing ESG standards, with multiple community value schemes. In many ways we are sorry to see it go.”
Evercore acted as financial advisor and Eversheds Sutherland acted as legal advisor to Glennmont for the transaction.