Glennmont sells minority stake in Finnish wind project
Glennmont Partners, a fund manager focused exclusively on investing in clean energy infrastructure, has agreed to the sale of a 15 per cent minority stake in Project Piiparinmäki, a 211.4mw wind farm, to Kansai Electric Power Company.
The onshore wind farm, located in central Finland, is currently under construction with COD expected in late 2021. Once operational, Piiparinmäki will be the largest wind farm in Finland, a significant wind power asset in the Nord Pool area, and one of the largest unsubsidised wind farms in Europe.
The sale of the stake in Piiparinmäki marks the first divestment from Glennmont’s EUR850 million Clean Energy Fund III, which achieved financial close last summer. Piiparinmäki was acquired by Glennmont from Ilmatar Energy in September 2019 in their first ever investment in the Nordic market.
Eversheds acted as the legal advisor on the transaction for Glennmont and Ashurst acted as the legal adviser for Kansai.
Joost Bergsma, CEO and managing partner at Glennmont, comments: “We are delighted to partner with Kansai Electric Power Company on this deal by finalising this important investment in Finland. The sale of a stake in Piiparinmäki underlines the quality and feasibility of our strategy, delivering strong performance for investors from assets across different geographies. We look forward to working with Kansai as we progress with the construction phase of one of the largest wind farms in Finland, which represents a key market for onshore wind development in Europe.”
Hiroshi Nakajima, managing executive officer of international business and cooperation division at Kansai Electric Power Company, says: “We are pleased to acquire a stake in the Piiparinmäki onshore wind farm project. This marks an important milestone for us, as our fourth investment in wind energy projects in Europe and our first in the Finnish market. Building on this, we will continue to look for new opportunities to invest in and develop renewable energy projects across Europe. We also look forward to exciting future opportunities as we build on our strong relationship with Glennmont Partners.”