Glennmont to target offshore wind with €850m fund

Fund manager will make debut in sector after exceeding target with latest green energy warchest

Clean energy investor Glennmont Partners will back European offshore wind projects for the first time after raising €850m ($958m) for its latest fund.

Glennmont’s Fund 3 is the largest ever of its type amassed specifically to invest in European green energy, according to the London-based fund manager, which beat its original target of €600m.

The ten biggest projects in European offshore wind power

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The fund was backed by investors from Japan, the US and Europe, including the European Investment Bank.

As well as its first offshore wind projects, Glennmont will “target to-be-built and recently operational assets with stable, predictable cash yields underpinned by regulated and contracted revenues across solar, onshore wind and bioenergy.”

Glennmont CEO Joost Bergsma said: “Institutional investors globally recognise that the energy transition and climate change is of key relevance to the performance of their portfolio.”

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