- generating power equivalent to saving 45,000 tonnes of CO2 emissions per annum
- specialist infrastructure investment manager Foresight acquires assets from Glennmont
- acquisition boosts Foresight’s wind portfolio by 11% to 372.5MW
LONDON, 03 October 2019: Foresight Group (“Foresight”) is pleased to announce the acquisition of two wind farms with an aggregate generating capacity of 37.5MW from Glennmont Partners I UK Limited (“Glennmont”).
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The wind farms, Gruig and Todmorden have been operating since 2009 and 2014 respectively and benefit from long term PPAs with investment grade counterparties and tier one turbine technology and maintenance agreements.
Gruig is a 10 turbine, 25MW, NIROC-accredited wind farm located near Ballymena in Northern Ireland and Todmorden is a 5 turbine, 12.5MW, ROC-accredited wind farm located in Calderdale, West Yorkshire.
The assets have been acquired by funds managed by Foresight for an undisclosed amount.
This acquisition boosts Foresight’s total wind assets under management by 11% to 372.5MW and is further evidence of the specialist renewables investment manager’s diversification across different and complementary renewables platforms.
The two windfarms have been assessed favourably against Foresight’s ESG requirements and it is estimated that the assets generate power equivalent to saving 45,000 tonnes of CO2 emissions per annum compared to power produced from natural gas.
Helen Downie, Senior Investment Manager, Foresight Group said: “We are delighted to have completed the acquisition of these two windfarms from Glennmont. We continue to strengthen our diversified energy infrastructure portfolio throughout the UK, which is comprised of various renewable generation technologies and supporting infrastructure. The acquisition is a further demonstration of our market-leading renewables investment presence in the UK.”
Foresight is currently monitoring a large pipeline of both domestic and international wind opportunities for future deployment over the next 6 – 12 months.
Foresight was advised by Pinsent Masons (legal adviser), Wood Group (technical adviser) and Deloitte (tax and financial adviser).
The vendors were advised by KPMG (financial adviser), Everoze (technical adviser) and Norton Rose Fulbright / A&L Goodbody (legal advisers)
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NOTES TO EDITORS
About Foresight Group LLP (“Foresight”):
Foresight is a leading independent infrastructure and private equity investment manager which has been managing investment funds on behalf of institutions and retail clients for more than 35 years.
Foresight has £4 billion of Assets Under Management across a number of funds, including Listed Vehicles, Limited Partnerships, Enterprise Investment Schemes (EISs), Venture Capital Trusts (VCTs) and Inheritance Tax Solutions using Business Property Relief (BRP).
Foresight is a leading renewables infrastructure investor with over £3 billion of energy infrastructure assets under management. Foresight currently manages more than 190 renewable generation assets globally, with a total generating capacity of 1.9GW.
In Solar, Foresight has invested in over 100 solar plants and has more than 1.3GW of solar generation assets under management around the world. In Wind, Foresight has more than 370MW of wind generation assets across the UK, France and Germany.
Foresight manages 38 bioenergy and waste projects processing over 2 million tonnes per annum, having mobilised some £1.1bn of capital investment.
In addition, Foresight manages 170MW of Reserve Power assets and three utility scale Battery Storage projects providing 45MW of Enhanced Frequency Response (“EFR”) services to National Grid.
Foresight is headquartered in London with regional offices in Manchester, Nottingham, Edinburgh, Milton Keynes, Leicester and Guernsey and international offices in Sydney, Rome, Madrid and Seoul.
About Glennmont Partners | UK limited (“Glennmont”):
Glennmont Partners is one of Europe’s largest fund managers focusing exclusively on investment in clean energy infrastructure with c.€2bn under management. It raises long-term capital to invest in alternative power generation projects, such as wind farms, biomass power stations, solar parks and small-scale hydro power plants. Its carefully selected, risk managed investments deliver sustained performance and predictable returns over periods of 10 years or more. The team has been working together since 2007, and has established a reputation for making intelligent, long-term investments that deliver absolute returns.
Glennmont Partners is a trading name of Clean Energy Partners LLP and Glennmont Asset Management Limited, both of which are authorized and regulated by the Financial Conduct Authority
For further information, visit www.glennmont.com