The Sleaford plant was Glennmont’s last remaining asset of €437m ($486.2m) Clean Energy Fund I that has been divested
European fund manager, Glennmont Partners has announced the completion of sale of 39MW Sleaford renewable energy plant located in England to Greencoat Capital.
Located within the ‘Grain Belt’ in Lincolnshire, the facility is a renewable combined heat and power (CHP) plant, which uses a blend of straw and sustainable woodchip to generate power and heat.
Glennmont said that the Sleaford plant was its last remaining asset of €437m ($486.2m) Clean Energy Fund I that has been divested.
The plant is accreditation for 2.0 Renewable Obligation Certificates (ROCs) per MWh and has circa 15 years of ROC life remaining.
Glennmont Partners partner Peter Dickson said: “We are delighted to complete the sale of the Sleaford Renewable Energy Plant to Greencoat.
“This deal proves Glennmont’s ability to provide stable, predictable returns on investment in clean energy infrastructure.
“The full divestment from Fund I underlines our successful approach working across different markets and technologies. Our team’s unique blend of expertise in operations and asset management will ensure that we continue to identify and secure further value from assets.
“Sleaford has been an important asset for us in showcasing ESG standards, with multiple community value schemes. In many ways we are sorry to see it go.”
Evercore has served as financial advisor to Glennmont for the transaction
The Sleaford renewable energy facility provides a reliable route to market for straw, which is an agricultural by-product that can represent an additional income source for local farmers.
Additionally, the heat generated by the facility is provided to the local swimming pool and other community facilities.
For the deal, Evercore has served as financial advisor and Eversheds Sutherland has acted as legal advisor to Glennmont.