Glentra Capital, an investor in energy transition infrastructure, has acquired a majority position in Third Pillar Solar Renewables LLC, a US-based floating solar developer with a pipeline of projects with a capacity ranging from 3 MW to 200 MW. According to the company’s statement, the bet was made as part of its plan to invest in renewable development platforms with strong management teams and a compelling pipeline of projects.
Furthermore, the investment firm has committed to supporting Third Pillar in scaling the business and expanding its development, construction and operational capabilities. The size of the investment and the acquired shareholding were kept under wraps. Glentra is a newly-launched investment firm based in Copenhagen and London. Third Pillar, a Houston, Texas-based company, was founded in May 2022 with the goal of deploying floating solar capacity on otherwise unutilised water bodies like reservoirs, wastewater treatment ponds, and quarries.With over 10 GW of wind and solar project procurement and technical operations experience, Jaimeet Gulati, an executive in the renewable company, is leading the company.
In September 2023, the company announced the first close of its energy transition fund, Glentra Fund I, with a total commitment of $482.5 million from anchor investors Novo Holdings and PKA. Less than three months later, it led a consortium that invested in US renewable energy developer energyRe.
