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 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.”