Glennmont Partners has completed the sale of Sleaford Renewable Energy Plant, an operational 39MW renewable combined heat and power (CHP) facility, to Greencoat Capital.
The sale of the plant, which uses a blend of straw and sustainable woodchip to generate power and heat, marks full divestment of Glennmont’s €437m Clean Energy Fund 1.
Glennmont said the plant benefits from accreditation for two ROCs per megawatt-hour and has 15 years of ROC life remaining.
A spokesperson for the company said: “Located within the ‘Grain Belt’ in Lincolnshire, the plant provides a reliable route to market for straw, an agricultural by-product which can represent an additional income source for local farmers.”
Heat generation by the plant is provided to the local swimming pool and other community facilities and the plant has recently signed a new community funding agreement with the local council.
The sale follows the sale of a minority stake in a 211MW Finnish wind project from Glennmont’s €850m Clean Energy Fund 3 in April and the sale of a 30MW Portuguese solar portfolio from Glennmont’s €500m Clean Energy Fund 2 in March.
Partner at Glennmont Partners Peter Dickson said: “We are delighted to complete the sale of the Sleaford Renewable Energy Plant to Greencoat. This deal proves Glennmont’s ability to provide stable, predictable returns on investment in clean energy infrastructure.
“The full divestment from Fund 1 underlines our successful approach working across different markets and technologies. Our team’s unique blend of expertise in operations and asset management will ensure that we continue to identify and secure further value from assets.
“Sleaford has been an important asset for us in showcasing ESG standards, with multiple community value schemes. In many ways we are sorry to see it go.”
Evercore acted as financial advisor and Eversheds Sutherland acted as legal advisor to Glennmont for the transaction.