News & Media

Glennmont structures and invests in a €36.1m renewables ABS in Spain through its Green Credit platform

October 27, 2021

Glennmont Partners from Nuveen (“Glennmont”) has today announced the completion of its latest issuance of a Green ABS (Asset Backed Securities) in the Spanish solar market.

The underlying asset is a Spanish solar photovoltaic plant with a total installed capacity of 20MW located in the Caceres region and is one of the first ever ABS investments completed in the renewable energy sector in Spain.

Glennmont’s REBS (Renewable Energy Backed Securities) Green Credit platform continues to innovate in the green marketplace, enabling Glennmont to be among the first in the renewable energy sector to originate, structure and invest in a specialised lending instrument for renewable energy projects.

The transaction consists of €28.8m of Class A asset-backed floating rate notes (the “Senior Notes”) and €7.3m Class B of asset-backed floating rate and variable return notes (the “Junior Notes”).

The proceeds of the notes’ issuance have been applied to refinance Glennmont’s acquisition of the project finance loan from two other credit funds earlier this year.

The Senior notes have been underwritten by a European Fund, and the Junior notes by Glennmont. CSC Luxembourg Services S.à r.l. acted as servicer of the notes and the transaction.

Claudio Vescovo, Managing Director and Head of REBS Green Credit platform at Glennmont Partners, said:

“We are pleased to be completing this new issuance for the Glennmont REBS Green Credit platform. The transaction demonstrates Glennmont’s ability to pursue its debt strategy by structuring another green ABS with exposure to project finance renewable energy loans. It further underlines our track record of innovating in the renewables space by developing new products and enhancing returns for our investors.”

Scott Lawrence, Co-Founder of Glennmont Partners, says:

“This latest transaction will enable Glennmont to continue to partner with more lenders jointly driving innovation and investment in the clean energy sector. Spain represents a key market for our Green Credit platform, where we aim to support banks in optimizing their risk weighted asset position and provide alternative finance models for renewable energy companies to build clean energy plants.

This announcement adds further momentum to our plans for growth following our recent acquisition by Nuveen, which will be key to accelerating the next phase of the organisation’s evolution as we look to lead the clean energy transition, while delivering value to investors.”

Earlier this year, Glennmont announced a green ABS issuance in the Italian market as part of its REBS Green Credit platform. Both these deals reinforce Glennmont’s reputation as a key player in the credit space for clean energy. To date, Glennmont has made credit investments across 7 European countries (Germany, France, Belgium, Sweden, Spain, Italy, & Portugal), and over 1,000 renewable energy assets comprising a total installed capacity in excess of 8GW.

In March 2021, Glennmont was acquired by Nuveen, the $1.3tn global asset manager, which will better enable Glennmont to drive its plans to raise further renewable funds, and to target new investments in all major technologies – offshore wind, onshore wind and solar PV – in their core European markets as well as across Asia Pacific and the US.

Related stories