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
Can't stop reading? This and all news articles are property of their creators, many are not owned or provided by Private Equity Insider. As an event organizer and community platform, we curate content from reliable sources for your suggested reading, and advise you to read the full articles from the referenced authors and sources.