September 01, 2014
Weil advised Glennmont Partners, one of Europe’s largest fund managers focusing exclusively on investment in clean energy infrastructure, on the closing of its second fund, Glennmont Clean Energy Fund Europe II, at a hard cap of €500 million, thereby exceeding its target of €450 million.
Glennmont manages 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. The fundraising has been supported both by existing and new investors, including several pension funds and insurance companies, and the European Investment Bank (EIB). Consequently, Glennmont now has investors in its funds based across Europe, the US, the Middle East and Asia.
London Private Funds partner Ed Gander led the matter, assisted by associates Peter Boullé and Oliver Prakash-Jenkins on the fundraising; and associate Ian Ferreira advised on tax. The closing of Glennmont Clean Energy Fund Europe II marks the first fundraising by Glennmont since Weil advised on its spin-off from BNP Paribas Investment Partners in 2013.
“We are very grateful to Ed, Jonathan, Peter and the rest of the team for their full-service offering, which allowed us to spin-out our business in a seamless manner and subsequently beat the target for our first fundraising as an independent manager,” said Joost Bergsma, CEO of Glennmont. “Our strong relationship with the team, which stretches back many years, means that we can depend on Weil to know our business and utilise their considerable experience in this sector to deliver exemplary legal and commercial advice during a complex process with many moving parts.”