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Glennmont secures €195m for third renewables fund

Some 13 investors have been tapped so far for the €600m vehicle, with €100m invested by the EIB. It will target 500MW of assets ready to be built and those recently operational, backed by regulatory regimes.

UK-based renewables fund manager Glennmont Partners has garnered about €195 million for its third fund ahead of a €600 million target.

Glennmont Clean Energy Fund Europe III has secured $238.8 million, according to a filing with the US Securities and Exchange Commission. The funds have been raised by 13 investors, including a €100 million commitment by the European Investment Bank which was approved in July last year and signed off in November. The EIB plugged €50 million into Glennmont’s second fund in December 2013.

Glennmont confirmed the figures but declined to comment further on the fundraising.

The group’s third fund is expected to pursue the same strategy as its predecessors, targeting investments in wind, solar, bioenergy and small-scale hydro across the European Economic Area, although the latest vehicle will aim for offshore wind assets for the first time. It will target 500MW of assets ready to be built and those recently operational, backed by regulatory regimes.

Glennmont’s first and second funds were launched in 2010 and 2013, raising €437 million and €500 million respectively. The first vehicle, raised while the firm was still part of BNP Paribas, has built a portfolio with 355MW capacity, while the second has 500MW of capacity under management. The projects are spread across the UK, France, Portugal, Italy and Ireland.