Clean energy fund manager Glennmont Partners has agreed the sale of 100MW of onshore wind in France to TTR Green Fund IV and its co-investors.
The eight onshore wind assets are located across northern France, with full-service contracts.
The deal represents the third divestment from Glennmont’s €500m Clean Energy Fund Europe 2 following the recent sale of one of the largest onshore wind portfolios in Italy by Glennmont to oil major, Eni.
The French portfolio comprises seven plants that are part of Fund 2 alongside one plant from Fund 3.
The sale is another example of Glennmont’s wider “cluster divestment strategy” to deliver value for investors in clean energy across the full investment cycle from investment to asset management and exit.
Glennmont CEO and co-founder of Joost Bergsma said: “We are pleased to finalise this divestment of Glennmont’s French wind assets from Fund 2 and Fund 3.
“This deal further underlines the strength of our divestment strategy which continues to offer predictable and stable yields for our investors and assist meeting their sustainability goals.
“France remains an attractive geography for Glennmont where our expert team have a strong understanding of the local clean energy market. We look forward to securing further value from renewable energy investments in the future.”
In March 2021, Glennmont was acquired by Nuveen, a $1.3tn global asset manager, which will better enable Glennmont to drive its plans to raise further renewable funds, and to target new investments in offshore wind, onshore wind and solar PV in European markets as well as across Asia Pacific and the US.
For the transaction, Glennmont used Green Giraffe as financial adviser, Watson Farley & Williams as legal adviser, and Natural Power as technical adviser.