Glennmont Partners, one of the world’s largest fund managers dealing in clean energy, has successfully completed the acquisition of a 36 MW wind farm project.
The wind farm, located in the Calabria region of Southern Italy, is powered by ten Vestas V136 turbines and will benefit from a 20-year Feed-in-Tariff awarded by the GSE. Vestas will also provide operation and maintenance services for the plant.
For Glennmont this latest transaction represents a further step in the capital deployment of their €850m Clean Energy Fund III which reached final close earlier this year. It also strengthens the presence of the company’s Italian wind portfolio following the acquisition of a 42 MW Sicilian onshore wind farm in August.
The deal helps to sustain Glennmont’s recent momentum and further enhances their reputation for providing attractive risk-adjusted returns to investors and the strong growth opportunities that renewables continue to enjoy as an asset class.
Francesco Cacciabue, CFO and Partner at Glennmont Partners, said:
“We are pleased to be completing the fifth acquisition of Glennmont’s Clean Energy Fund III. This transaction proves the quality and feasibility of Glennmont’s investment strategy delivering good performance and predictable returns for investors. The complexity of this transaction was underpinned by the level of expertise across our specialist team at Glennmont and our capability to operate in different markets.
We were delighted to work with Unicredit on the debt financing of this transaction. The completion of this acquisition with a successful debt financing demonstrates Glennmont’s ability to maintain strong relationships with banks, and to introduce value enhancing partners into its deals.”
L&B Partners S.p.A. acted as M&A and financing adviser on the transaction. Gianni-Origoni-Grippo-Cappelli Partners and Orrick acted as legal advisers, Watson Farley & Williams acted as existing lender legal adviser, EOS Consulting acted as technical adviser, Marsh acted as insurance adviser, PwC acted as tax adviser and model reviewer, and ERM acted as environmental adviser for the transaction.
January 31, 2023
December 14, 2022