London-based renewables firm Glennmont Partners has reached financial close on a wind farm in Italy after securing a debt package of €85 million.
The 60MW site, which is now operational, was acquired by Glennmont after permits for the project were secured last year. It benefits from a 20-year feed-in tariff and is one of Italy’s largest wind farms.
Glennmont said the senior debt for the project was provided by a pool of banks that it described as “top tier” and included ING, Siemens Bank and Unicredit. The loan has a 17-year tenor.
The deal is Glennmont’s second major Italian transaction this year after it purchased five wind farms from Iberdrola with a 245MW capacity in July, a move that tripled its Italian wind portfolio. The firm’s previous deals outside the British Isles have mostly focused on France where it has invested in seven wind farms plus a 55MW solar portfolio.
Glennmont spun out of BNP Paribas Clean Energy Partners in 2013 after closing its €437 million debut fund in 2010. The firm then closed a second vehicle on its €500 million hard-cap in December 2014. Glennmont’s portfolio totals nearly 1GW of wind, solar and biomass.