On 18th and 19th May, Glennmont held its first ever virtual AGM via video conference. This was Glennmont’s thirteenth AGM. The event was well attended with over 50 Investors from various parts of Europe, USA and Asia.
Glennmont outlined its view on the state of the renewable markets. Like other investment companies in clean energy, Glennmont are sensitive to the COVID-19 developments. However, Glennmont believe that the long-term opportunities presented by the switch to renewable energy generation remains steadfast. In the medium-to-long term, we expect the deployment of renewable technologies to sustain its strong upward trajectory for growth on a global level.
An update was given on the performance of Glennmont Funds I, II and III and REBS. In 2019, Glennmont sold its UK wind Portfolio in Fund I consisting of over 56 MW of wind power located in Republic of Ireland and UK. 2019 also marked a year of significant progress in asset acquisition in Glennmont’s Fund III with Glennmont adding to its portfolio over 440MW of onshore wind. Included in the onshore wind portfolio in Fund III is the largest windfarm in Finland producing 211 MW of electricity.
In addition to onshore wind, Glennmont purchased a 25% stake in Gode Wind 1 offshore wind farm in Germany marking Glennmont’s first offshore wind acquisition.
In ESG activities, Glennmont released its 2019 annual ESG report showcasing a wealth of interesting, promising, and positive ESG activities taking place across our portfolio.
Our assets in France, Germany, Ireland, Italy, Portugal, and the UK have produced 1.6 TWh of clean energy over the year and, in Italy and the UK, have generated over one million Guarantees of Origin. Further highlights include our Italian onshore wind portfolio’s management team undergoing 270 hours of health, environment and safety training, and the visiting of our assets by around 200 school pupils. Our management company has been busy too, with the signature of four climate change statements, including letters to the UK government and EU leaders, good scores in both the PRI and GRESB assessments, and the hosting of clean energy seminars in the UK and the Netherlands.
We are proud of all of these ESG initiatives and overall performance across the portfolio and look forward to continuing this work throughout 2020 and beyond.
