Glennmont Partners has successfully closed its second fund, Clean Energy Fund II, having raised €500m ($657m). 

Tthe fundraising has been supported both by existing and new investors, including the European Investment Bank (EIB) which invested €50m, the single largest clean energy equity investment it made in 2013. The life of the fund is ten years.

“We have now fully invested our first fund. The oversubscribed nature of our second fundraising, and the breadth and calibre of our investors, is a clear signal that the markets appetite for yield and long-term capital appreciation remains healthy,” said Glennmont’s managing partner Joost Bergsma.

With its second fund, Glennmont has attracted capital from new territories and now has investors in its funds based across Europe, the US, the Middle East and Asia.

Glennmont was founded last year as a subsidiary of BNP Paribas Investment Partners. It manages long-term capital to invest in alternative power generation projects focusing on proven technologies such as wind, biomass, solar and small-scale hydro across the UK and continental Europe.

Glennmont’s first fund has operating infrastructure projects in the UK, Ireland, France, Italy and Portugal.