Glennmont Partners from Nuveen (Glennmont), one of the world’s largest fund managers investing in clean energy, has completed the purchase of a 50 per cent stake in the 900MW German offshore wind farm Borkum Riffgrund 3 from Ørsted for a transaction value of cEUR1.2 billion.
Glennmont has led a consortium of investors in the project including Nuveen’s parent TIAA, listed Japanese utility Kansai Electric Power Company (Kansai) and other institutional investors from the USA and Germany.
The investment from Kansai represents the second agreement of its kind between Glennmont and Kansai following their purchase of a 15 per cent minority stake in Project Piiparinmäki, the 211.4MW wind farm in central Finland in 2020.
Read more: Private Equity Wire
