Commenting on the EIB investment, Joost Bergsma, CEO of Glennmont, said: "We are delighted that the EIB has chosen to invest in our second fund. It has developed a first class reputation for its work in clean energy and this investment further demonstrates that our independent, specialist approach is attractive to top-level investors. We share a common goal with the EIB to promote sustainable and secure sources of energy for the UK while also delivering consistent yield and long-term capital appreciation for investors."
"Glennmont has an established track record and proven readiness to support renewable energy projects across Europe. The European Investment Bank is pleased to back projects that tackle a changing climate." said Jonathan Taylor, European Investment Bank Vice President responsible for environment and climate lending.
Glennmont Partners was founded earlier this year following a spin-off of BNP Paribas Clean Energy Partners. Its seeks to raise long-term capital to invest in 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 investment approach dovetails with the EIB's strategy to back only carefully selected, risk managed investments that aim to deliver sustained performance and predictable returns for investors.
The EIB's investment will be directly injected into Glennmont's second clean energy infrastructure fund which now has commitments of EUR250 million from both new and existing investors from its first fund.
BACKGROUND INFORMATION
THE EUROPEAN INVESTMENT BANK (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.
