Glennmont Partners ECRI fund leverages benchmarking insights for successful first wind acquisition

Source: press release, 8 February 2023

Glennmont Partners Managing Partner, Jerome Gautrais
Glennmont Partners Managing Partner, Jerome Gautrais (photo: Glennmont)

Clir Renewables (Clir), the renewable energy intelligence platform, has announced its support in the latest 47 MW onshore wind portfolio acquisition from Glennmont Partners by Nuveen.

Glennmont Partners, Nuveen Infrastructure’s clean energy specialist and one of the world’s largest fund managers investing in clean energy, acquired Langmarken wind farm in Kristinehamn, Southern Sweden, with a total capacity of 19.8 MW, and Vasberget wind farm in Ljusdal, Northern Sweden, with total capacity of 27.6 MW. The investment is the first from the open-ended EUR 700 million brownfield European renewable infrastructure fund, which was launched with Dutch investor MN last year to invest in brownfield renewables projects in Europe.

Glennmont selected Clir to support the acquisition process from the non-binding offer stage through to successful acquisition. This involved a SCADA-free assessment of the information provided in the data room, paired with Clir’s 200 GW industry dataset and expert knowledge to provide evidence-based insights into the current status of the asset.

After gaining access to SCADA data, Clir was able to assess and recommend upgrades and optimisation opportunities in more detail, based on benchmarking of industry peer group loss factors. This enabled a critical review of the technical information and the energy yield assumptions for a competitive bid needed to successfully acquire the two assets.

Following the acquisition, Glennmont will continue to leverage Clir for support to implement the identified optimisation opportunities and to further benchmark the performance of the wind farms.

Of the technical advice provided by Clir, Jerome Gautrais, Managing Partner, Glennmont, says, “Clir’s data analysis was good, fast and reliable, which helped us with a timely and competitive bid. Leveraging their expert knowledge and support proved to be extremely helpful for a successful acquisition, and we look forward to the continued support to help optimise the assets for technical and financial success.”

Catrin Meurig, Principal Business Development Manager, Clir M&A, adds, “As the M&A landscape becomes increasingly competitive, owners must leverage data and industry benchmarking to make smarter M&A decisions and accurate bids. Working with Glennmont for its first brownfield European renewable infrastructure fund acquisition proved to be extremely successful and we look forward to our continued partnership through the project lifecycle.”