Glennmont Partners has issued an asset-backed security linked solely to renewable energy projects.
The new investment is designated as ‘Renewable Energy Backed Securities’ (REBS) and covers a diversified portfolio of Italian renewable energy performing loans totalling over €50m, Glennmont said.
Glennmont, Natixis and Banco Populari di Bari have underwritten the security.
The REBS fund product will also seek to include a diversified portfolio of renewable debt assets across Europe, Glennmont added.
Glennmont founding partner Scott Lawrence said: “We are delighted to be announcing the launch of the first ever asset backed securities product for the clean energy sector, and would like specifically to thank our investors and partners in this landmark transaction.
“This represents a significant milestone for Glennmont and underlines the strength of our strategy for growth.
“Glennmont are continually looking for new products and opportunities in the clean energy sector that deliver value for our investors.
“As the clean energy market grows and becomes increasingly global we will do what is necessary to remain among the world’s leading fund managers in renewables.”