Published on December 11th, 2013 | by Joshua S Hill0
European Investment Bank Invests €50 Million Into Clean Energy Fund
December 11th, 2013 by Joshua S Hill
The European Investment Bank (EIB) has invested €50 into the second clean energy fund set up by Glennmont Partners, marking the single largest investment by the EIB this year.
The EIB describe Glennmont Partners as “one of the largest infrastructure vehicles dedicated to clean energy across Europe,” and add that “clean energy investment is a key focus for the EIB as it works to support the European Union’s stated policy objective to cut greenhouse-gas emissions across Europe by 20% over the next six years.”
“We are delighted that the EIB has chosen to invest in our second fund,” said Joost Bergsma, CEO of Glennmont. “It has developed a first class reputation for its work in clean energy and this investment further demonstrates that our independent, specialist approach is attractive to top-level investors. We share a common goal with the EIB to promote sustainable and secure sources of energy for the UK while also delivering consistent yield and long-term capital appreciation for investors.”
“Glennmont has an established track record and proven readiness to support renewable energy projects across Europe,” said Jonathan Taylor, European Investment Bank Vice President responsible for environment and climate lending. “The European Investment Bank is pleased to back projects that tackle a changing climate.”
Writing on their website, Glennmont Partners seek to “raise 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.” The group are currently managing €437 million from 12 investments.
According to PV-Tech, the EIB leant €3.3 billion in 2012 towards the European Union energy policy, and announced in August of this year that it was planning to invest another €167 million towards renewable energy projects in Central America.