Watson Farley & Williams (“WFW”) has advised leading European clean energy fund manager Glennmont Partners (“Glennmont”) on the sale of a 100 MW French onshore wind portfolio to TTR Green Fund IV and its co-investors.
The sold portfolio consists of eight projects located in northern France in areas selected specifically for high wind speeds, all with tier-1 manufacturers and full-service contracts.
The deal represents the third divestment from Glennmont’s €500m ‘Clean Energy Fund Europe II’. This portfolio comprises seven wind parks that are part of Fund II and one wind park of Fund III. The sale is another example of Glennmont’s wider cluster divestment strategy to deliver value for investors in clean energy across the full investment cycle.
Acquired last March by US$1.3Tn American asset manager Nuveen, Glennmont plans to raise further renewable funds and target new investments in solar PV, offshore and onshore wind, across Europe, the Asia Pacific and US.
The multidisciplinary WFW Paris team that advised Glennmont was led by Public law and Regulatory Partner Laurent Battoue, with support from Corporate Partner Thomas Rabain and Finance Partner Laurence Martinez-Bellet. They were assisted by Associates Adrien Launay and Mohamed Douib on corporate matters, Senior Associate Antoine Bois-Minot and Associates Anthony Pilon and Marine Yzquierdo on the public law, regulatory and project contracts aspects, while Partner Cyrille Gogny-Goubert and Associate Catherine Masquelet advised on real estate law. They were also assisted by Senior Associate Sébastien Hoff and Associates Julie Michelangeli and Léna Le Falher on finance matters, and by Partner Romain Girtanner, Senior Associate Hélène Ibos and Associate Alice Paredes, on tax aspects.