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EIB commits to Glennmont’s third fund
The EIB has signed off a EUR 100m LP commitment to Glennmont’s third European renewable energy fund, which will include offshore wind as part of its mandate for the first time.
Glennmont Asset Management submitted its application for Glennmont Clean Energy Fund Europe III to the EIB in June, with the organisation confirming the allocation at the end of November.
The EIB previously made a EUR50m to Glennmont’s second fund, which reached a EUR 500m final close in September 2014.
As with previous Glennmont vehicles, the third fund will invest in solar PV, bioenergy, small-scale hydro, and onshore wind across select European markets, in addition to offshore wind.
Glennmont Clean Energy Fund Europe III was incorporated in Luxembourg in March and has a target size of EUR 600m.
LPs in Glennmont’s second fund included Guernsey Superannuation Fund, University of London, Reading Health Service, Lincolnshire County Council, OFI Asset Management, Environment Agency Active Pension Fund, UBS Investment Foundation, Golding Infrastructure, AG Insurance and Stichting Pensioenfonds, among others.
Glennmont declined to comment on the fundraising.