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.
In September 2023, Glentra 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.
REGlobal’s Views: Floating solar has been popular in Asia and Europe for many years now, and the United States has been slow to develop these projects. However, this trend has changed, and the United States is also now witnessing a large number of floating solar projects coming up. Glentra’s decision to acquire a floating solar developer in this emerging market comes at the right time as the country is geared for many large developments in this space in the near future. Further, the POWER our Reservoirs Act is also helping promote uptake.
