Glennmont Partners, one of the largest infrastructure vehicles dedicated to clean energy across Europe, has secured a €50 million investment in its second fund by the European Investment Bank (EIB). The investment is the single largest clean energy equity investment made by EIB this year.
Commenting on the EIB investment, Joost Bergsma, CEO of Glennmont, said:
"We are delighted that the EIB has chosen to invest in our second fund. It has developed a first class reputation for its work in clean energy and this investment further demonstrates that our independent, specialist approach is attractive to top-level investors. We share a common goal with the EIB to promote sustainable and secure sources of energy for the UK while also delivering consistent yield and long-term capital appreciation for investors."
Jonathan Taylor, European Investment Bank Vice President responsible for environment and climate lending, said:
"Glennmont has an established track record and proven readiness to support renewable energy projects across Europe. The European Investment Bank is pleased to back projects that tackle a changing climate."
Glennmont Partners was founded earlier this year following a spin-off of BNP Paribas Clean Energy Partners. Its seeks to raise long-term capital to invest in alternative power generation projects focusing on proven technologies such as wind, biomass, solar and small-scale hydro across the UK and continental Europe. .
The EIB's investment will be directly injected into Glennmont's second clean energy infrastructure fund which now has commitments of €250 million from both new and existing investors from its first fund.
The life of the fund is 10 years and it had a target size of up to €450 million, according to a press release from the company released in August 2013.