BNP Paribas spin-out Glennmont Partners has closed its second fund, Clean Energy Fund II, on 500 million euros ($656 million), exceeding its target of 450 million euros. The fund is focused exclusively on investment in clean energy infrastructure.
Formerly BNP Paribas Clean Energy Partners, Glennmont spun out of BNP Paribas Investment Partners last year. The team has been working together since 2007. Glennmont Partners is owned and managed by four partners: Joost Bergsma – CEO, Francesco Cacciabue – CFO, Peter Dickson – Technical Director and Scott Lawrence – Partner.
BNP Paribas Investment Partners acted as global placement for Glennmont. Global Private Equity Partners acted as sole placement agent in France and the Middle East.
Investors in the new fund span Europe, the US, the Middle East and Asia. The European Investment Bank (EIB) committed 50 million euros to the fund, the largest clean energy equity investment it made in 2013.
The fund is seeking alternative power generation projects focusing on proven technologies such as wind, biomass, solar and small-scale hydro across the UK and continental Europe. Glennmont’s first fund has operating infrastructure projects in the UK, Ireland, France, Italy and Portugal.
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