Glennmont Partners’ latest clean energy fund has made its first offshore wind investment, acquiring a 25% stake in an asset in Germany.

The Clean Energy Fund III, which raised €850m last month, has entered into an agreement to buy half of Global Infrastructure Partners II’s (GIP II) 50% stake in the Gode Wind 1 offshore wind farm for an undisclosed sum.

Last month, The Renewables Infrastructure Group (TRIG), a London-listed investment company advised by InfraRed Capital Partners, also signed an agreement to acquire the Global Infrastructure Partners managed GIP II fund’s remaining 25% stake in the project.

GIP paid €1.17bn in August 2017 for the 50% stake in the offshore wind farm.

Following Glennmont’s acquisition, the 330MW operating offshore wind farm will be held by Denmark-listed global offshore wind company Ørsted (50%), TRIG (25%, subject to completion), and Glennmont (25%).

Gode Wind 1 is a 330MW operating offshore wind farm in the German North Sea, currently being held in a 50/50 joint venture between the Global Infrastructure Partners managed GIP III fund and Denmark-listed global offshore wind company Ørsted.

Joost Bergsma, CEO and managing partner of Glennmont Partners, said: “We are delighted to announce this important transaction as Glennmont’s first investment in the German offshore wind market and to be partnering with Ørsted, a recognised leader in the sector.

“Gode Wind 1 represents a high-quality offshore wind asset supported by a demonstrable track record of cash flow generation to deliver value for our investors.”