Glennmont Partners has bought a portfolio of wind farms from developer and operator Sorgenia France, part of Sorgenia Green Group.
The acquisition comprises two wind farm sites of 16 MW and 6 MW located in the Haute Normandie and Nord Pas de Calais regions in France respectively. The sites are located in one of the strongest wind resource areas of the country.
The two projects are ready to be built, having obtained all building permits and secured all land leases for 40 years. Power purchase agreements with EDF have been signed for both projects, which will benefit from the French Feed-In Tariff for 15 years.
Glennmont Partners has been structuring the civil and electrical works contracts, the turbine supply and the operation and maintenance agreements with reputable and experienced counterparties. Long term, non-recourse project financing to fund the construction and operations of the wind farms has also been signed with leading lenders.
Francesco Cacciabue, partner and chief financial officer of Glennmont, says: “The 22 MW portfolio of new projects is a highly attractive investment opportunity. This investment complements our existing portfolio of wind and solar in France and offers investors access to substantial and visible returns, in line with our investment philosophy.
“This is the first deal we have announced since closing our fully subscribed second fund last month. We have a strong pipeline of opportunities and we will continue to build on our momentum with other new investments in the coming months.”
