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, saat ne sähköpostiisi yhtä aikaa suomalaisen median kanssa. Tilauksen voit halutessasi perua milloin tahansa.
Lue lisää julkaisijalta Business Wire
Koza Altin Welcomes Court’s Rejection of Akin Ipek’s Share Purchase Agreement13.7.2018 18:58 | Tiedote
A Turkish Court has found against businessman Akin Ipek this week – ruling that a share purchase agreement, which he had submitted as vital evidence in support of his case against the Turkish state, is null and void. The matter was brought to the Ankara Commercial Court in March 2017 by Koza Holding (parent company of Koza Altin) which, according to Mr Ipek’s share purchase agreement, purportedly transferred all of its shares to Ipek Investment Limited. Koza Holding filed the lawsuit for legal recognition that the share purchase agreement is void. The ruling in Turkey follows on from an earlier judgment set down by the English High Court, which rejected Mr Ipek’s attempt to use up to £3m of UK subsidiary Koza Ltd’s money to fund a claim against the Turkish State at the International Centre for Settlement of Investment Disputes (ICSID). In the English ruling, Deputy Judge Richard Spearman QC declared the “authenticity” of the share purchase agreement as “open to very serious doubt”. The
Mindbreeze Positioned in the Leaders Quadrant of the Gartner’s 2018 Magic Quadrant for Insight Engines13.7.2018 18:27 | Tiedote
Mindbreeze, a leading global provider of appliances and cloud services for information insight and applied artificial intelligence with a focus on knowledge management for leading international companies, announced today that Gartner, Inc. has positioned Mindbreeze in the Leaders quadrant of the 2018 Magic Quadrant for Insight Engines. Mindbreeze is positioned highest on the ability to execute axis. The research and advisory firm Gartner, Inc. evaluated 13 different providers from all over the world. “Understanding the meaning of information is a key priority for today’s customers. Mindbreeze InSpire leverages the full power of our sophisticated AI engine to provide actionable insights and answers ̶ not just more data. Seeing our position in the Magic Quadrant, my first reaction was ‘AWESOME’. Insight Engine was positioned the highest on the ability to execute axis and we believe that's exactly what sets us apart from our competitors. We made the bold move to focus on product innovatio
H.I.G. Capital Announces the Sale of Kondor13.7.2018 17:06 | Tiedote
H.I.G. Capital (“H.I.G.”), a leading global private equity investment firm with more than €20 billion of equity capital under management, announced today that one of its affiliates has sold Kondor Limited, a specialist provider of category management solutions for audio and mobile accessory products into the retail and mobile network channels in the UK and Europe, to DCC Technology (which principally trades under the Exertis brand), part of DCC plc, the leading international sales, marketing and support services group. Terms of the transaction were not disclosed. Headquartered in Dorset, England, Kondor distributes audio and mobile accessory products to a broad range of e-tail, retail and mobile operator customers. H.I.G. invested in Kondor in 2014, and has since overseen a full reorganisation of the business. H.I.G. worked in partnership with Kondor to professionalise back office systems, develop Kondor’s access to market data, optimise the company’s product range, improve stock manag
Contactless Technology Powers Fifty Percent of Purchases at 2018 FIFA World Cup Russia™13.7.2018 12:00 | Tiedote
Visa (NYSE: V), the Official Payment Services Partner of FIFA, today released an analysis of spending inside the 2018 FIFA World Cup Russia™ stadiums from the opening match on June 14 through the semi-finals on July 11. The data highlights the increased consumer adoption of innovative payment technology, as fifty percent of purchases with Visa in tournament venues utilized contactless transactions, including cards, mobile devices and wearables. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180713005025/en/ For the 2018 FIFA World Cup Russia™, Visa is the exclusive payment service in all stadiums where payment cards are accepted. In-stadium, fans can pay with contactless Visa credit and debit cards and mobile payment services at the more than 3,500 point-of-sale terminals and 1,000 mobile concessionaires that have been equipped with the latest in payment innovation. (Photo: Business Wire) Visa cardholders on average spent 1,
Brazil Approves AerSafe for Airbus 321 Aircraft to Comply with Fuel Tank Flammability Reduction Rule12.7.2018 22:18 | Tiedote
AerSale ® announced today that the National Civil Aviation Agency of Brazil (ANAC) has approved the Federal Aviation Administration’s (FAA’s) Supplemental Type Certificate (STC) for the company’s AerSafe™ system on Airbus 321 aircraft (ST04010NY), that complies with the Fuel Tank Flammability Reduction (FTFR) rule. This is the second ANAC STC approval for AerSafe, following approval on Boeing 737 CL aircraft in 2017. In the coming months, AerSafe will be expanded to cover additional aircraft types, to meet the September 2019 deadline of the ANAC regulation, Regulamento Brasileiro da Avaiação Civil (RBAC) nº 121.1117, that applies specifically to passenger aircraft that fly within or into Brazil. AerSale’s STCs for the Boeing 737 CL and NG series (ST02980NY) and Boeing 767 series (ST03599NY) have already been approved by the FAA. “We are pleased that our Latin American customers operating A320 family aircraft are now able to immediately benefit from AerSafe’s numerous advantages,” said
Blockchain-based Adents NovaTrack Issues Token to Standardize Access to Comprehensive Supply Chain Traceability12.7.2018 21:20 | Tiedote
Adents, leading serialization and track & trace solutions provider, announces the issue of tokens that, combined with its NovaTrack platform, will standardize access to full supply chain traceability. Adents recently released Adents NovaTrack, a marriage of technologies co-developed with Microsoft. The solution utilizes Blockchain, A.I., IoT and serialization functionalities that, when combined, bring comprehensive visibility throughout product distribution chains & life cycles. The result is a solution highly mindful not only in terms of performance and security, but also governance and scalability. With NovaTrack, Adents aims to create an ecosystem of consortium-based blockchains independent from each other, and individually launched on-demand by various supply chain stakeholders (brands, manufacturers, logistics professionals, etc.). Each consortium-based blockchain will provide a secure environment to its participants to share supply chain data and processes. From brands, manufactu
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