OX2 sells 27 MW onshore wind farm in Italy to Glennmont Partners
Type: Sale · Technology: Onshore Wind · Country: Italy · Capacity: 27 MW · Announced: 2023-06-01
OX2 divested its 27 MW onshore wind farm in Foggia, Italy, to Glennmont Partners. This transaction underscores OX2's strategy of developing and divesting renewable assets, while Glenn.
Analysis
OX2 has executed another strategic asset rotation, divesting its 27 MW onshore wind farm located in Foggia, Italy. This transaction enables the renewable energy developer to monetize a completed project, thereby freeing capital to reinvest in its pipeline of onshore wind, offshore wind, solar power, and energy storage projects. For Glennmont Partners, the acquisition of this Italian asset directly expands its European clean energy infrastructure holdings. The deal provides Glennmont, a fund manager specializing in wind, solar, biomass, and small-scale hydro, with an operational onshore wind facility. Announced on June 1, 2023, the sale aligns with OX2's model of developing and divesting renewable assets, while Glennmont secures a tangible addition to its clean energy portfolio. Glennmont Partners, a European fund manager, enhances its clean energy infrastructure portfolio with this 27 MW acquisition in Italy. This investment directly supports Nuveen Infrastructure's broader strategy, as its parent company manages over $10 billion in global infrastructure equity and debt, with a specific focus on energy transition assets. Glennmont's mandate specifically targets investments in wind, solar, biomass, and small-scale hydro power generation, making this Italian onshore wind project a clear fit. For OX2, this divestment of a developed asset is central to its business model, allowing the renewable energy developer to recycle capital from its Foggia project. OX2, which manages the entire value chain from project acquisition to greenfield development, utilizes such sales to fund its ongoing pipeline of onshore wind, offshore wind, solar power, and energy storage initiatives.
Key points
- OX2 divested a 27 MW onshore wind farm in Foggia, Italy.
- Glennmont Partners acquired the asset, adding to its European clean energy infrastructure.
- Nuveen Infrastructure, Glennmont's parent, manages over $10 billion in global infrastructure equity and debt.
- OX2 operates a develop-and-divest strategy across onshore wind, offshore wind, solar, and energy storage.
- The transaction was announced on June 1, 2023.
Counterparties
- Nuveen Infrastructure (Parent Company)
- Glennmont (Buyer)
- OX2 (Seller)