Nuveen-backed Glennmont Partners completed the acquisition of a 50% stake in Borkum Riffgrund 3 from Ørsted for $1.35bn.

Nuveen-backed Glennmont Partners, a fund manager, completed the acquisition of a 50% stake in Borkum Riffgrund 3, a 900 MW German offshore wind farm, from Ørsted, an offshore wind power provider, for $1.35bn “We’re delighted to extend our cooperation with Glennmont who are already partners in Gode Wind 1 and are focusing their entire portfolio on renewable energy infrastructure investments, thereby supporting the urgently needed shift from fossil-based energy sources to energy systems based on renewable energy sources," Martin Neubert, Ørsted Chief Commercial Officer and Deputy Group CEO.