News & Media

Glennmont’s Green Credit Strategy invests in a €100m Italian Bonds program dedicated to energy efficiency

February 8, 2022

Glennmont Partners from Nuveen (“Glennmont”) has today announced its investment in a €100m Bonds program dedicated to financing energy efficiency improvements on residential buildings in Italy.

The transaction consists of a platform combining a portfolio of Bonds issued to finance energy efficiency works on residential buildings in Italy, including self-consumption solar rooftop systems, new heating systems and other structural energy efficiency projects. The investment involves several European investors and banks, including Glennmont through its Green Credit Strategy REBS1 (Renewable Energy Backed Securities).

The energy efficiency works will benefit from the so-called “Superbonus” tax credit program implemented by the Italian Government in 2020 to support the energy efficiency improvements of Italian homes.

This investment from Glennmont’s Green Credit Strategy REBS1 represents a further innovation in the green marketplace as it seeks new ways to finance the clean energy transition by investing in renewable and energy efficiency works dedicated to residential buildings through Bonds.

Claudio Vescovo, Managing Director and Head of the Green Credit Strategies at Glennmont Partners, said:

“We are pleased to finalise this latest transaction that is part of the Green Credit Strategy REBS1 and demonstrates Glennmont’s ability to pursue its debt strategy by expanding its investment scope to energy efficiency. It further underlines our strong track record of innovating in the green debt space by developing new products and enhancing returns for our investors.”

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

“This latest transaction shows once again Glennmont Green Credit Strategy’s ability to find opportunities in the energy transition market to deliver attractive risk adjusted returns to our investors by structuring specialised lending instruments for projects.”

In October 2021, Glennmont announced its third green ABS issuance as part of its Green Credit Strategy REBS1, an A/B Notes ABS backed by a project finance loan to a Spanish solar photovoltaic plant with a total installed capacity of 20MW. 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.

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