London, United Kingdom:
Glennmont Partners announces that it agreed on the spin-off of BNP Paribas Clean Energy Partners (“BNPP CEP”) from BNP Paribas Investment Partners (“BNPP IP”). The deal will be completed on terms agreed by both parties and will be effective as soon as all relevant regulatory approvals are in place. BNP Paribas Group will remain an investor in the €437 million1 fund and will continue to support the new business through a distribution agreement. All of the BNPP CEP fund management team will move to Glennmont Partners as part of the transaction.
Commenting on the news, Joost Bergsma, formerly CEO of BNPP CEP and now CEO of Glennmont Partners said: “As a team, we have created substantial value since launching five years ago. The decision to spin-off as Glennmont Partners is driven by an opportunity to deliver further growth in the rapidly growing alternative energy sector as a result of the enhanced corporate flexibility and independence, whilst still working closely with our partners at BNPP IP.”
“In many ways I expect it to be business as usual. Longer term though, I expect Glennmont Partners to reap the rewards of this opportunity to focus completely on clean energy prospects. And, by becoming an independent company, our managers’ interests are even more aligned with those of our investors through long term equity ownership and I believe we have a bright future ahead of us,” he added.
Glennmont Partners is among the largest infrastructure vehicles dedicated to clean energy across Europe. It invests long-term capital in alternative power generation projects, such as wind farms, biomass power stations, solar parks and small hydro power plants. Its investment thesis sees it select low-risk investments which deliver sustained performance and predictable returns over periods of 10 years or more.
Since 2007, the team has invested more than €1 billion in 12 clean energy infrastructure projects generating in excess of 300 MW in total. Its aggregation strategy spreads assets across large markets including the UK, Ireland, France, Portugal and Italy. This diversification reduces technology, resource and regulatory risk, but delivers cost synergies, refinancing opportunities and profitable exits.
The team taking Glennmont Partners forward has been working together since 2007 and has an exceptional track record in renewable energy, with more than 40 year’s collective experience in renewable energy fund management. Its fund management team has an established reputation for long term investments that deliver absolute returns.
For further information, please visit: www.glennmont.com
Notes to Editors:
Glennmont Partners is owned and managed by four partners:Joost Bergsma - CEO, Francesco Cacciabue - CFO, Peter Dickson – Technical Director and Scott Lawrence.
1 Source: Glennmont Partners, December 31 2012