Glennmont Partners (Glennmont) has completed its first investment in a new renewable energy financial product for institutional investors as it continues to enjoy strong growth in the clean energy sector.
It is the first European issue of asset backed securities that are backed solely by a portfolio of renewable energy assets. Glennmont has designated this new investment type as REBS (Renewable Energy Backed Securities). This first REBS transaction is a diversified portfolio of Italian renewable energy performing loans totalling over EUR50 million underwritten by Glennmont, Natixis and Banco Populari di Bari.
Based in London, Glennmont is one of the world’s largest fund managers focusing exclusively on investment in European clean energy infrastructure with assets of over EUR2 billion currently under management.
In addition to this first transaction, the REBS Fund product will seek to include a diversified portfolio of renewable debt assets across Europe.
The announcement of the new REBS financial product comes shortly after Glennmont’s first offshore wind investment was realised from its EUR850m Clean Energy Fund III, which achieved final close in June.
Scott Lawrence, Founding Partner of Glennmont Partners, says: “We are delighted to be announcing the launch of the first ever asset backed securities product for the clean energy sector, and would like specifically to thank our investors and partners in this landmark transaction. This represents a significant milestone for Glennmont and underlines the strength of our strategy for growth. Glennmont are continually looking for new products and opportunities in the clean energy sector that deliver value for our investors. As the clean energy market grows and becomes increasingly global we will do what is necessary to remain among the world’s leading fund managers in renewables.”
