Glennmont Partners Complete €190m Refinancing Of 245MW Italian Wind Portfolio
Glennmont Partners has successfully completed the refinancing of SER for €190m, one of Italy’s largest operating wind portfolios, with 245 MW of installed capacity. The transaction is Italy’s first bond ever in the wind sector and is part of Glennmont’s ongoing activities to realise additional value from its operational assets. It follows last month’s successful refinancing of Glennmont’s Sleaford biomass plant in the UK for £150m.
The SER portfolio is made up of 231 wind turbines across Sicily and Puglia, all of which entered into operation between 2009 and 2012. The portfolio was acquired in June 2016. The refinancing has replaced part of the original project finance debt, from nine financing banks, with one bond listed in the ExtraMOT segment of Borsa Italiana, provided by certain investors managed and represented by a large financial institution. The transaction reinforces Glennmont’s reputation for providing attractive risk-adjusted returns to investors, based on predictable cash yields underpinned by regulated and contracted revenues.
Francesco Cacciabue, CFO at Glennmont Partners, commented: “We are delighted to complete our second major refinancing in a month. This transaction demonstrates Glennmont’s confidence in the clean energy sector across Europe as our investors enjoy an unprecedented yield from our funds’ assets. The increasingly sophisticated financing options open to clean energy asset owners give us the opportunity to realise large amounts of capital and to enhance the overall value of our funds. Investors can look forward to more of the same in the coming months”.
Claudio Vescovo, Investment Director at Glennmont Partners, said: “The complexity of this transaction was underpinned by the level of expertise here at Glennmont and we look forward to realising more value from our assets, both in Italy and further afield. We are pleased to have structured the first ever wind bond financing in the country leveraging on our in-house expertise. The strong demand from investors underlines the quality of the assets we invest in, which offer deep market potential and a balance of yields and returns”.
The refinancing was successfully arranged by Natixis and Unicredit acting as Structuring MLAs and Bookrunners which also provided a liquidity facility. DNV GL acted as the technical adviser, PwC as the tax adviser, and both Orrick Herrington & Sutcliffe and Gianni, Origoni, Grippo, Cappelli & Partners who provided legal advice to the borrower and lenders respectively.
Notes to Editors:
Glennmont Partners is one of Europe’s largest fund managers focusing exclusively on investment in clean energy infrastructure. 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. Glennmont operates a portfolio of more than 840MW of mixed renewable energy generation offering investors a balance of yield and return. Based in London, the team has been working together since 2007, and has established a reputation for making intelligent, long-term investments that deliver absolute returns.
A short video introduction to the SER portfolio can be seen here: http://www.glennmont.com/news-media/asset-videos/.
For Glennmont Partners
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Tilaa tiedotteet sähköpostiisi
Haluatko tietää asioista jo ennen kuin ne uutisoidaan? Kun tilaat tiedotteemme tältä julkaisijalta, saat ne sähköpostiisi yhtä aikaa suomalaisen median kanssa. Tilauksen voit halutessasi perua milloin tahansa.
Lue lisää julkaisijalta Business Wire
Ipsen and Exelixis announce phase 3 trial results of cabozantinib demonstrating significant overall survival benefit in patients with previously treated advanced hepatocellular carcinoma17.1.2018 01:05 | Tiedote
Regulatory News: Ipsen (Euronext:IPN; ADR:IPSEY) and Exelixis, Inc. (NASDAQ:EXEL) today announced detailed results of the pivotal phase 3 CELESTIAL trial in patients with previously treated advanced hepatocellular carcinoma (HCC), which will be presented in a late-breaking oral session at the 2018 ASCO-GI Symposium being held in San Francisco, January 18-20, 2018. In CELESTIAL, cabozantinib provided a statistically significant and clinically meaningful improvement versus placebo in overall survival (OS), the trial’s primary endpoint, at the planned second interim analysis (prespecified critical p value ≤ 0.021) for the population of second- and third-line patients enrolled in this study. Median OS was 10.2 months with cabozantinib versus 8.0 months with placebo (HR 0.76, 95 percent CI 0.63-0.92; p=0.0049). Median progression-free survival (PFS) was more than doubled, at 5.2 months with cabozantinib and 1.9 months with placebo (HR 0.44, 95 percent CI 0.36-0.52; p<0.0001). Objective resp
IFF to Release Fourth Quarter & Full Year 2017 Results February 1417.1.2018 00:15 | Tiedote
Regulatory News: International Flavors & Fragrances Inc. (NYSE:IFF) (Euronext Paris: IFF), a leading innovator of sensory experiences that move the world, announced that it will release its fourth quarter and full year 2017 earnings results following the market close on Wednesday, February 14, 2018. The management team will host a live webcast on Thursday, February 15, 2018 at 10:00 a.m. ET to discuss results and outlook with the investor community. Investors may access the live webcast and accompanying slide presentation on the Company's website at ir.iff.com. For those unable to listen to the live webcast, a recorded version will be made available for replay. Meet IFF International Flavors & Fragrances Inc. (NYSE:IFF) (Euronext Paris: IFF) is a leading innovator of sensorial experiences that move the world. At the heart of our company, we are fueled by a sense of discovery, constantly asking “what if?”. That passion for exploration drives us to co-create unique products that consumer
President Clinton to Address Healthcare Leaders Focused on Eliminating Preventable Deaths in Hospitals at the 6th Annual World Patient Safety, Science & Technology Summit16.1.2018 22:17 | Tiedote
For the 6th year in a row, President Bill Clinton, the Founder of the Clinton Foundation and 42nd President of the United States, will deliver keynote remarks at the 6th Annual World Patient Safety, Science and Technology Summit held in London, England, February 23-25, 2018. President Clinton, who serves as Honorary Chair of the Patient Safety Movement Foundation’s Regional Network Chairs, joins an acclaimed group of global leaders, government representatives, healthcare and hospital CEOs, medical experts and patient advocates who will gather for the first time in London to confront preventable hospital deaths around the world. This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20180116006614/en/ President Bill Clinton, the Founder of the Clinton Foundation and 42nd President of the United States, to speak at the 6th Annual World Patient Safety, Science & Technology Summit in London, England (Photo: Business Wire) “We are thrilled
Disaronno: The Mixing Star Makes a Step Change and Looks to Innovation16.1.2018 19:06 | Tiedote
After 10 years of competitions involving bartenders from different countries who were challenged to showcase the mixability of Disaronno, Disaronno’s contest The Mixing Star has changed direction. Convinced that trends today move on channels other than a performance in front of a jury, Disaronno, the most consumed Italian liqueur in the world and the brand embodying the coolest soul of Made in Italy, has transformed The Mixing Star to Innovation Hunter, a social media based "exploration" with a mission: identifying innovative trends in mixology and movers and shakers in the field, in the UK and around the world, filming and sharing them with the community of bartending experts. In London, Milan and Amsterdam Disaronno has selected a few bartenders who are revolutionizing the field. The ways in which they express innovation have been collected in a set of stylish short movies specially made by Disaronno. The protagonists are available on The Mixing Star Facebook page and YouTube channel
Christie’s Announces Public Preview Tour Dates for The Collection of Peggy and David Rockefeller16.1.2018 18:54 | Tiedote
Christie’s is pleased to confirm additional dates and locations for public preview exhibitions of the Collection of Peggy and David Rockefeller. Following the unveiling of early highlights in Hong Kong last November, Christie’s will now tour property to its flagship galleries in London (February 21 – March 8), Beijing (April 6 - 7), Los Angeles (April 6 – 12), and Shanghai (April 10 - 11), leading up to the auctions at Christie’s Rockefeller Center in New York in late spring. With each stop on the pre-sale tour, additional works of art and objects will be unveiled, revealing new facets of this storied, multi-category collection. The exhibitions, which are open to the public, are sponsored in partnership with private aviation company VistaJet. As a guide for collectors, Christie’s has launched a special issue of Christie’s Magazine dedicated to the Collection of Peggy and David Rockefeller. The issue re-acquaints readers with the Rockefeller family’s unique place in American history, an
Continuum Accelerates Global Expansion with Portland Europe16.1.2018 18:00 | Tiedote
Continuum ®, the exclusive provider of the only vertically integrated IT service delivery platform that enables MSPs to scale rapidly and profitably, today announced that it has signed a distribution agreement with Portland Europe, a leading distributor of scalable software solutions for the reseller channel throughout the Benelux region. The partnership will provide Portland Europe’s wide network of managed solution providers (MSPs) in the Benelux region with access to Continuum’s fully-managed remote monitoring and management (RMM) platform, powered by the company’s network operations center (NOC). Continuum’s platform has been proven to enable MSPs to efficiently manage thousands of customer endpoints, giving them back the resources to focus on higher-end, more profitable tasks at a time when skilled IT workers are highly sought-after. As opposed to having to correspond with multiple vendors, Portland Europe customers will benefit from having Continuum serve as a single point of con
Uutishuoneessa voit lukea tiedotteitamme ja muuta julkaisemaamme materiaalia. Löydät sieltä niin yhteyshenkilöidemme tiedot kuin vapaasti julkaistavissa olevia kuvia ja videoita. Uutishuoneessa voit nähdä myös sosiaalisen median sisältöjä. Kaikki STT Infossa julkaistu materiaali on vapaasti median käytettävissä.Tutustu uutishuoneeseemme