Clean energy investor Glennmont Partners is to acquire the under-construction Goudelancourt wind farm in France from Enertrag for an undisclosed amount.
The 16.8MW project in northern France will feature seven Nordex N117 turbines and is the first acquisition by Glennmont’s Clean Energy Fund 3.
Enertrag will continue to look after the technical and commercial operations of the wind farm, Glennmont said.
Electricity generated by the project will be sold to EDF under a 15-year power purchase agreement.
Glennmont Partners chief financial officer Francesco Cacciabue said: “We look forward to completing this transaction which demonstrates Glennmont’s confidence in the clean energy sector across Europe as our investors enjoy an unprecedented yield from our funds’ assets.
“The complexity of this transaction was underpinned by the level of expertise here at Glennmont and we look forward to releasing more value from our assets, both in France and further afield, including the UK.
“The strong demand from investors underlines the quality of the assets we invest in, which offer deep market potential and a balance of yields and returns.”
Enertrag head of finance and M&A Simon Hagedorn said: “We appreciate strengthening our mutually beneficial cooperation and are looking forward to new ventures with Glennmont.
“By providing the technical and commercial management services, Enertrag remains involved on a long term basis in a project started from scratch in 2007.”
DLA Piper was legal advisor for the transaction, while Everoze acted as the technical advisor for Glennmont. Herbert Smith Freehills acted as the legal advisor for Enertrag.