BNP spin-out spawns Glennmont

Completion is expected by the end of March, with all existing clients continuing to be managed by Glennmont.

The London-based team is comprised of 12 professionals and has been investing in clean energy since raising a fund in 2008. Deals are sourced from developers, with long-term partnerships sought. More than €1bn has been invested since its founding in 2007, with targets including on-shore wind, solar photovoltaic, combustion-based biomass and small-scale hydro technologies.

The deal sees BNP remain a shareholder in the team's €437m fund raised in 2010, though future commitment is uncertain.

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• BNP Paribas