A 47MW wind portfolio has been purchased by Glennmont Partners in Sweden.
The $700 million open-ended brownfield European renewable infrastructure fund, which was established with Dutch investor MN last year, has now made its first investment.
The fund will purchase the 19.8MW total capacity Langmarken wind farm in Kristinehamn, southern Sweden, as well as the 27.6MW total capacity Vasberget wind farm in Ljusdal, northern Sweden, as part of the deal.
Vasberget and Langmarken were acquired from Eolus by Mirova, a Natixis Investment Management affiliate that specialises in sustainable investing, through its funds Mirova Eurofideme 3 and Mirova Renewable Co-Investment 1.
Since they both began operating in 2017, they provide a flexible, multi-option PPA offtake structure with Statkraft through 2032, enabling short- and medium-term strategic adaptation.
Glennmont recently entered the US and South Korean markets, and this acquisition marks their second investment in the Nordic region after the Piiparinmäki wind farm in Finland, which started operating in September of last year.
CEO at Glennmont Partners from Nuveen, Joost Bergsma, said “We’re delighted to have worked with Mirova to complete our first investment in Sweden.
“The Swedish wind sector market is a key target market in the Nordic region for Glennmont and these assets fit well with our brownfield renewable infrastructure investment strategy.”
“We look forward to building on this success by realising further investment opportunities in geographies like Sweden, while helping our investors to decarbonise their portfolios and deliver a more secure and clean supply of energy.”
Mirova and Eolus received financial advice on the deal from Newsec Infra.
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