Glennmont Partners has completed the sale of a minority stake in a 211MW Finnish wind project.
The firm, which is one of the world’s largest fund managers focused on clean energy infrastructure investments, is selling the 15% stake of the project in Project Piiparinmäki to Kansai Electric Power Company.
The onshore wind farm is currently under construction with commercial operation expected in late 2021, when it will become the largest wind farm in Finland and one of the largest unsubsidised wind farms in Europe.
The sale marks the first divestment from Glennmont Partners’ €850 million (£742m) Clean Energy Fund III, which achieved financial close last summer.
Hiroshi Nakajima, Managing Executive Officer, International Business and Cooperation Division at Kansai Electric Power Company, said: “We are pleased to acquire a stake in the Piiparinmäki onshore wind farm project. This marks an important milestone for us, as our fourth investment in wind energy projects in Europe and our first in the Finnish market.
“Building on this, we will continue to look for new opportunities to invest in and develop renewable energy projects across Europe.”