Glennmont Partners, a leading clean energy investor in Europe, and Swedish utility company Vattenfall have signed a Hedging Framework Agreement for the Piiparinmäki wind farm. This agreement allows the wind farm to engage in short-term hedging transactions based on Futures Contract prices.
The original hedging framework was agreed upon in the first quarter of 2023, aligning with Glennmont's Energy Portfolio Management strategy. By proactively managing the merchant exposure of their renewable energy assets, Glennmont aims to secure anticipated returns from the Piiparinmäki project and provide security for investors.
Piiparinmäki is the largest operational onshore wind farm in Finland, with a capacity of 211 MW. It is also one of the largest unsubsidized onshore wind farms in Europe.
Joost Bergsma, CEO of Glennmont Partners, expressed satisfaction with the agreement, highlighting Vattenfall as a trusted utility provider and market leader in renewable energy. The hedging framework will contribute to the long-term stability and profitability of the Piiparinmäki project and Glennmont's broader portfolio. These initiatives reflect Glennmont's commitment to delivering sustainable and reliable energy solutions in a dynamic market landscape, while prioritizing innovation and investor returns.
Laurent Cheval, Head of Nordic Trading at Vattenfall, also expressed satisfaction with the hedging framework agreement. Vattenfall is pleased to provide new opportunities for investors like Glennmont Partners to manage market risk associated with renewable assets. The collaboration between Vattenfall and Glennmont is expected to continue positively as they work together towards their shared objectives.