Glennmont closes the financing of one of the largest single wind farms in Italy, acquired prior to construction and delivered to the operational phase
Glennmont Partners, one of the largest infrastructure investment managers dedicated to European clean energy, has completed the financing of one of the largest single wind farms in Italy.
The 60MW wind farm was purchased by Glennmont when all construction permits were secured and the 20 year Feed-in Tariff was awarded under the auction system run by the Italian Authority (Gestore Servizi Energetici – GSE). Glennmont then structured the procurement and construction contracts, and managed the construction of the plant which was delivered on budget and within the set time-frame.
The wind farm is located in the Basilicata region, in an area of strong wind resource, and benefits from a 20-year tariff, granting a pre-set and fix value per MW generated over the period. The site consists of 20 Siemens wind turbines with 3 MW of capacity each.
Glennmont has closed a 17 year non-recourse project financing with a pool of top tier lenders including ING, Siemens Bank and Unicredit which have provided in excess of €85m.
The investment is aligned with Glennmont’s strategy of building a significant portfolio of renewable projects which are diversified across proven technologies in the most attractive European markets with a view to delivering stable and predictable returns to investors. This wind farm further bolsters Glennmont’s Italian wind portfolio which comprises a 245MW portfolio recently purchased from Iberdrola and an additional 30MW operational plant. Glennmont now manages in excess of 600MW of onshore wind capacity in France, Ireland, Italy and the UK as well as a further 300MW of biomass and solar.
Francesco Cacciabue, a Partner at Glennmont, said: “The commitment of €85m to our project builds on our track record of securing financing from top tier institutions and reinforces our ability to select opportunities, execute investments and manage large construction sites in order to deliver high quality assets to our investors”.
October 16, 2023