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Glennmont Partners and Vattenfall agree Hedging Framework for Finnish onshore wind farm

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Glennmont Partners from Nuveen (Glennmont), one of Europe’s leading clean energy investors, have signed a Hedging Framework Agreement with Swedish utility company Vattenfall for their Piiparinmäki wind farm.

An original hedging framework was agreed between Glennmont Partners from Nuveen and Vattenfall in Q1 of 2023, allowing the Piiparinmäki wind farm to enter short term hedging transactions based on Futures Contract prices.

The hedging transaction with Vattenfall was agreed in line with Glennmont’s Energy Portfolio Management strategy, which allows them to proactively manage the merchant exposure of their renewable energy assets.

Piiparinmäki is a 211 MW wind farm in central Finland. It is Finland’s largest operational onshore wind farm1 and one of the largest unsubsidised onshore wind farms in Europe.

Joost Bergsma, CEO of Glennmont Partners, said of the transaction:

“We are pleased to announce this hedging framework agreement with Vattenfall – a trusted utility provider and market leader in renewable energy.  The agreement will ensure we lock-in anticipated returns from the Piiparinmäki project and provide security for our investors.

“By embracing proactive risk management and implementing hedging strategies, Glennmont aims to ensure the long-term stability and profitability of our Piiparinmäki project and our wider portfolio. These initiatives reflect our commitment to providing sustainable and reliable energy solutions in an ever-changing market landscape, as well as our unwavering commitment to innovation whilst seeking returns for our investors.”

Laurent Cheval, Head of Nordic Trading at Vattenfall, said:

“Vattenfall is pleased to sign this hedging framework agreement, providing new possibilities for investors such as Glennmont Partners to manage the market risk of their renewable assets, and we look forward to continue working  with the Glennmont team.”

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1As of July 2023; source: Statista

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