BNP Paribas spin-off Glennmont beats target, closes Fund II on €500m


road-closed-sign-2-1003255-mClean energy-focused Glennmont Partners has smashed its €450m target and closed its second fund on €500m.

The European Investment Bank is among LPs invested in Clean Energy Fund II, having committed €50m to the vehicle in 2013.

Glennmont, which is a spin-off from BNP Paribas Investment Partners, said the fund also attracted capital from new territories with investors based in Europe, the US, the Middle East and Asia.

The life of the fund is 10 years and it will be used to invest in alternative power generation projects focusing on proven technologies such as wind, solar and small-scale hydro projects across the UK and continental Europe.

Managing partner Joost Bergsma said, “The oversubscribed nature of our second fundraising, and the breadth and calibre of our investors, is a clear signal that the markets appetite for yield and long term capital appreciation remains healthy.”

“Our team is already assessing a number of high quality investment opportunities and we’re ready to continue to grow by backing only carefully selected, risk managed investments. The closing of our second fund reflects investor.”

Glennmont’s first fund closed on €437m in December 2010 and is fully invested in operating infrastructure projects in the UK, Ireland, France, Italy and Portugal totalling 354MW collectively.

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