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Glennmont acquires French wind portfolio

The London-based fund manager, which recently closed its Fund II on €500m, has added two wind farms totalling 22MW.

Glennmont Partners, the clean energy investment firm, has purchased a portfolio of French wind farms from developer Sorgenia France for an undisclosed sum.

The deal comprises two wind farm sites in the Haute Normandie and Nord Pas de Calais regions with a capacity of 16 megawatts (MW) and 6MW respectively.

The projects are ready to be built, having obtained all building permits and secured all land leases for 40 years. Power purchase agreements have been signed with utility EDF for both projects, which will benefit from the French feed-in tariff for 15 years.

In a statement, Glennmont said it had been structuring the civil and electrical works contracts, turbine supply and operation and maintenance agreements with counterparties.

It also said it had signed long-term, non-recourse project financing for the construction and operation of the wind farms with lenders, but did not disclose further details.

Glennmont is building a diversified portfolio of renewable projects across Europe and currently has more than 115MW of onshore wind farms in France, Ireland and the UK.

The latest deal is the first to be announced since Glennmont closed its second fund, Clean Energy Fund II, on its hard cap of €500 million at the beginning of September – beating a target of €450 million.

Glennmont was founded in 2013 as a spin-off from BNP Paribas Investment Partners and focuses on areas such as wind, biomass, solar and small-scale hydro in the UK and across Europe.