First State Investments-backed Finerge completed the acquisition of Portuguese solar assets of Glennmont for $129m.

First State Investments-backed Finerge, an energy investment group, completed the acquisition of Portuguese solar assets of Glennmont Partners, a private equity firm, for $129m. The unique Lucia portfolio sold comprises of four solar PV farms with a total installed capacity of circa 30MW. The four projects, Coruche (9.6MWp), Seixal (8.9MWp), Sol Cativante V (6.7MWp) and Sol Cativante VII (4.6MWp) commenced operations between 2013 and 2014. “We are delighted to finalise the first divestment from Glennmont’s Clean Energy Fund II with Finerge. This portfolio transaction underlines the quality and feasibility of our divestment strategy, delivering strong performance and predictable returns for investors. Glennmont has been investing in Portugal for a decade and will continue to do so as the country is a key market for us,” Scott Lawrence, Glennmont Partner.