Orrick assisted Europe’s leading clean energy fund manager Glennmont Partners and PGGM Infrastructure Fund on the sale of one of the largest operating onshore wind projects platforms in Italy to Eni.
The portfolio of onshore wind assets being acquired by Eni, which is majority owned by Glennmont, comprises 13 plants spread across mainland Italy and Sicily with a total installed capacity of around 315MW. Italian asset manager GEMS is also part of the transaction.
The divestment portfolio includes SER, SER 1 and GEMS, jointly owned by Glennmont and PGGM, as well as Finpower and Eolica Lucana, which are both 100% owned by Glennmont. The sale will be subject to standard change of control procedure from the lenders.
The deal represents the second divestment from Glennmont’s €500m Clean Energy Fund Europe II and is a key part of the fund’s wider cluster divestment strategy as it continues to deliver value for investors from its clean energy assets.
The Orrick team advising Glennmont included Carlo Montella, Simonetta Formentini, Francesca Isgrò, Alessandro Sassoli, Maria Teresa Solaro, Giulia Gambarini, Celeste Mellone, Elisabetta Santo, Eleonora Schneider, Laura Galbiati, Paola Alberta Esposito, Iacopo Randazzo, Maria Concetta Molica, and Luciano Vella.