An EU bank has invested €50 million (£42m) into a fund set up by one of Europe’s largest clean energy investment specialists.
It is Glennmont Partners’ second clean energy fund, which raises long-term capital to invest in alternative power generation projects such as wind farms, biomass power stations, solar parks and small-scale hydro plants.
The European Investment Bank (EIB) said its investment in clean energy is in line with the EU’s obligation to cut greenhouse gas emissions by 20% in the next six years.
Joost Bergsma, CEO of Glennmont said: “We are delighted that the EIB has chosen to invest in our second fund… 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.”
The EIB’s annual lending in the sector has increased substantially, reaching €3.3 billion (£2.8bn) last year.