Glennmont Partners has bought a 36MW onshore wind farm in Italy.
The clean energy-focused fund manager says the deal represents a further step in the capital deployment of its €850 million (714.3m) Clean Energy Fund III which reached final close earlier this year.
Located in the Calabria region. the facility is powered by 10 Vestas turbines and will benefit from a 20-year Feed-in-Tariff.
Vestas. which will provide operation and maintenance services for the plant. says the move will strengthen its Italian wind portfolio. following the acquisition of a 42MW onshore wind farm in Siciliy during August.
Francesco Cacciabue. CFO and Partner at Glennmont Partners. said: We are pleased to be completing the fifth acquisition of Glennmont’s Clean Energy Fund III. This transaction proves the quality and feasibility of Glennmont’s investment strategy delivering good performance and predictable returns for investors.
The complexity of this transaction was underpinned by the level of expertise across our specialist team at Glennmont and our capability to operate in different markets.