Clean energy investor Glennmont Partners is to sell a portfolio of five operational wind farms in France totalling almost 60MW to a subsidiary of Falck Renewables for €37m.
The five projects are the 12.5MW each Bois Ballay, Mazeray and Noyales facilities and the 12MW Eol Team and 10MW Les Coudrays plants.
They started operations between 2006 and 2013, Glennmont said. The sale is expected to close in early 2019.
The wind farms are part of Glennmont’s Clean Energy Fund Europe 1, which was fully invested in 14 projects.
Glennmont said the next divestments to come for the fund include French solar, Italian wind and solar, and UK and Irish wind and biomass.
Glennmont Partners founding partner Peter Dickson said: “We are very encouraged by this deal and by how attractive our French assets have proved to be for investors seeking a stable, yielding and financially de-risked power plant.
“Over the past 10 years, Glennmont has been actively compiling a very large mixed renewable energy portfolio. Investors can look forward to more of the same in 2019, both in France and further afield.”
Falck Renewables chief executive Toni Volpe said: “This acquisition provides needed solidity to our presence in France, one of the most attractive markets in which we operate.
“We will reach almost 100MW installed in France, with a portfolio of assets and turbine technologies on which we can build further in terms of industrial optimisation and long-term value extraction.”