Glentra Capital invests in floating solar developer Third Pillar

Energy transition infrastructure investor Glentra Capital has taken a controlling stake in Third Pillar Solar Renewables LLC, a floating solar developer across the US with a pipeline of projects ranging from 3 MW to 200 MW.

Set up in May 2022, Houston, Texas-based Third Pillar seeks to deploy floating solar capacities on otherwise unused water bodies such as reservoirs, wastewater treatment ponds and quarries. The company is led by Jaimeet Gulati, a renewable industry executive with experience in procurement and technical operations of over 10 GW of wind and solar projects.

Glentra said the bet was made as part of its strategy to invest in renewable growth platforms with strong management teams and an attractive pipeline of projects. 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.

In September, the company announced the first close of its energy transition fund, Glentra Fund I, with a total commitment of EUR 443 million (USD 482.5m) from anchor investors Novo Holdings and PKA. Less than three months later, it led a consortium that invested in US renewable energy developer energyRe.

(EUR 1 = USD 1.089)

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