Italian energy firm Falck Renewables is buying a French wind portfolio from a Glennmont Partners fund for €37m.

Glennmont’s Clean Energy Fund Europe I has agreed to sell the portfolio of five onshore windfarms in north-eastern and western France, totalling installed capacity of 59.5MW, to Falck’s subsidiary. 

The assets are being sold for €37m and Falck will also assume existing project debt facilities in place, Glennmont.

The windfarms, Bois Ballay, Les Coudrays, Mazeray, Eol Team, and Noyales, commenced operations between 2006 and 2013.

Glennmont said the sale is part of the fund’s divestment plan. The next divestments to come for the fund include French solar, Italian wind and solar, and UK and Irish wind and biomass, the manager said.

Peter Dickson, a founding partner of Glennmont Partners, said: “We are very encouraged by this deal and by how attractive our French assets have proved to be for investors seeking a stable, yielding and financially de-risked power plant.

“Over the past 10 years, Glennmont has been actively compiling a very large mixed renewable energy portfolio. Investors can look forward to more of the same in 2019, both in France and further afield.”

Toni Volpe, the CEO of Falck Renewables, said: “This acquisition provides needed solidity to our presence in France, one of the most attractive markets in which we operate.

“We will reach almost 100MW installed in France, with a portfolio of assets and turbine technologies on which we can build further in terms of industrial optimization and long-term value extraction.”