Fund manager Glennmont raises 850 million euros for clean energy investment

LONDON (Reuters) – Fund manager Glennmont Partners has raised 850 million euros ($947 million) at the final close of its third clean energy fund, which will invest in renewables projects in Europe and Britain, it said on Tuesday.

London-based Glennmont has 2 billion euros of assets under management and says it is the world’s largest fund manager in terms of investment in clean energy infrastructure.

It had aimed to raise 600 million euros through the Clean Energy Fund III but exceeded the target thanks to the high level of interest from Japan and the United States as well as the European Investment Bank among others.

“Institutional investors globally recognize that energy transition and climate change is of key relevance to the performance of their portfolio,” Glennmont Chief Executive Joost Bergsma said in a statement.

More than 70 percent of the fund will be invested in projects in the euro zone and Britain. The fund’s lifetime will be 10 years.

Glennmont will invest in solar photovoltaic, onshore wind, bioenergy and small-scale hydropower. It will also invest in offshore wind projects across the European Economic Area for the first time.

Reporting by Nina Chestney; Editing by David Goodman

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