BNP Paribas Investment Partners (BNPP IP), the asset management business of French BNP Paribas (EPA:BNP), will spin off BNP Paribas Clean Energy Partners (BNPP CEP) to become Glennmont Partners, the latter said on Monday.
The parent company, BNP Paribas Group, will remain an investor in the fund and will back the new entity via a distribution deal. Following the spin-off, BNPP CEP’s management staff will remain with Glennmont. Joost Bergsma will keep his position as chief executive.
Bergsma commented that as a separate entity, the focus of the business’ interests will be more closely aligned with the interests of its investors.
Glennmont is a EUR437m (USD582m) fund investing in renewable power projects including biomass, wind, solar and hydro power plants. The transaction is pending relevant regulatory authorisations.