Glennmont Partners has acquired the 99MW Sirocco Winco 2 wind farm portfolio in Spain, making its debut in the Spanish wind market.
The investor has acquired 100% of share capital in Sirocco Winco 2, a portfolio of onshore wind projects in Albacete and Andalucia, from Sirocco Power, a special purpose vehicle incorporated by Alfanar Group, of Saudi Arabia.
The investment is made up of four assets with a combined capacity of 98.7MW.
They are La Escalereta II (23.63MW), La Estancia (7.8MW), Chinchilla (27.30MW) and Barrax (39.70MW).
All assets have been acquired at commercial operation date and are all in operation.
The projects will benefit from a 10.5 year power purchase agreement with Engie and have debt financing in place with Banco De Sabadell, the European Investment Bank and Abanca Corporacion Bancaria.
Joost Bergsma, CEO and co-founder of Glennmont Partners, said: “Spain is a key target geography for Glennmont and our entry to the Spanish wind market marks a significant milestone for our ambitions for the region, as well as the amount of capital we have now invested in projects from our third clean energy investment platform.
“The well-structured nature of the Sirocco investment combined with a strong counterparty in Alfanar makes it an ideal first onshore wind project to support Glennmont’s investment strategy in Spain.
“The success of this deal underlines the team’s continued ability to clear value for our investors as we look to support the global transition to renewables.”
The Sirocco acquisition sees Glennmont expand its footprint in Spain following the acquisition of a 473MW solar PV portfolio in September.