Glennmont Partners has held the final close for Glennmont Clean Energy Fund III at its €850 million hard-cap, surpassing the target of €600 million by a significant margin. According to the firm, it is the largest fund ever raised for investing in green energy projects in Europe. The fund will follow a similar strategy to its predecessor, which closed in August 2014 at €500 million, targeting solar PV, onshore wind, bionenergy and small-scale hydro. For the first time, the fund will also invest in offshore wind projects across the European Economic Area.
Investors in fund III include Surrey County Pension Fund, the London Borough of Southwark Pension Fund, the East Riding of Yorkshire County Council Pension Fund and the European Investment Bank.