Hexicon AB, a leading player in the clean energy infrastructure sector, has secured a significant development financing agreement with Glennmont Partners, a renowned European fund manager specializing in clean energy investments. Under the agreement, Hexicon Holding AB, a subsidiary of Hexicon AB, will receive up to €45 million in financing from Glennmont Partners.
The primary purpose of this funding is to support Hexicon's project pipeline and facilitate the early repayment of Hexicon's outstanding convertible loans. By accessing this financing facility, Hexicon aims to maximize the value creation of its project pipeline while ensuring long-term financial flexibility.
This collaboration between Hexicon and Glennmont Partners signifies a mutually beneficial solution. For Hexicon, it fulfills the specific needs of a growing developer, empowering the company to achieve its growth goals. Moreover, it enables Hexicon to repay its outstanding convertible loan from November 2022 in full.
Glennmont Partners, on the other hand, gains a foothold in the rapidly expanding floating offshore wind sector. As one of the largest fund managers in Europe, Glennmont is well-positioned to capitalize on the potential of the offshore wind market. By financing Hexicon's diverse offshore wind project pipeline, Glennmont demonstrates its unwavering confidence in the sector's continued growth.
Expressing his satisfaction with the agreement, Marcus Thor, the CEO of Hexicon, stated, “We are pleased to have secured a new loan facility that will propel our growth journey to the next level. This agreement offers us the financial flexibility needed to effectively develop our project pipeline and optimize the divestment of selected projects at the best possible time and terms. With this solution, we are not only achieving our growth goals but also fully repaying the outstanding convertible loan from November 2022.”
Francesco Cacciabue, the Chief Financial Officer and partner of Glennmont, also expressed his enthusiasm about the partnership, saying, “Glennmont Partners is delighted to be partnering with Hexicon in financing its large and geographically diversified offshore wind project pipeline, which reflects our continued conviction in the growth of the offshore wind sector globally. We believe the development financing agreement has the potential to deliver strong value to our clients through exposure to this critically important sector and in developing promising growth markets with a well-established developer in Hexicon.”
Overall, this financing agreement between Hexicon and Glennmont Partners represents a significant milestone for both companies. It not only provides Hexicon with the necessary financial resources for its project development but also allows Glennmont Partners to seize opportunities in the booming offshore wind sector while supporting Hexicon's growth as a trusted developer.
