Glentra announces majority investment in Third Pillar Solar, a developer specializing in floating solar projects
COPENHAGEN,DENMARK – January 25, 2024. Glentra Capital (‘Glentra’) is pleased to announce the acquisition of a controlling interest in Third Pillar Solar Renewables LLC (‘Third Pillar’).
Third Pillar develops, owns, and operates floating solar projects across the United States with a pipeline of projects ranging from 3 – 200 MW in size. Projects are deployed on otherwise unused water bodies such as reservoirs, wastewater treatment ponds, and quarries, saving agricultural land from being utilized as with traditional solar deployments.
Third Pillar is led by Jaimeet Gulati, a highly experienced renewable industry executive with leadership experience in procurement and technical operations of 10+ GW of wind and solar projects. Third Pillar has a highly experienced team with capabilities spanning development, engineering, site origination, procurement, GIS, and finance. The team has exclusively focused on building up a strong floating solar pipeline since Third Pillar was founded in May 2022.
Floating solar projects enable clean energy generation in densely populated areas close to electricity demand where limited land is available for electricity generation. These projects can also be designed to significantly reduce evaporation losses from water bodies such as drinking water or irrigation reservoirs, which is particularly beneficial in water-stressed areas.
Floating solar will play an increasingly prominent role in the energy transition as the supply chain continues to mature, and as solar PV module and the specialized floats costs continue to fall. In the US, Third Pillar will work closely with EPC contractors to scale up their floating solar project delivery expertise.
The acquisition of Third Pillar fits well into Glentra’s investment strategy of investing into renewable growth platforms with strong management teams and an attractive pipeline of projects. Glentra will support the Third Pillar team in scaling the organization and expanding its development, construction, and operational capabilities by leveraging the previous experience of the Glentra team in solar PV development in the United States.
Orrick, Herrington & Sutcliffe acted as legal counsel to Glentra. The investment was made on behalf of Glentra’s first fund, Glentra Fund I K/S.
Lars Villadsen, Partner at Glentra, said: “We are thrilled to announce the acquisition of Third Pillar Solar and our partnership with Jaimeet and his high calibre team. Our complementary skillsets and shared vision for a sustainable future will enable Third Pillar to accelerate the development of floating solar projects across the United States. Glentra is looking forward to actively supporting the company in executing on the development pipeline.”
Jaimeet Gulati, Chief Executive Officer at Third Pillar Solar, added: “This is a pivotal moment for Third Pillar. Glentra is an ideal partner for our growing company, with its long-term focus and strong commitment to supporting the energy transition. We look forward to working closely with Glentra for many years."
About Glentra Capital
Glentra Capital (‘Glentra’) was founded in 2022 by senior executives from the renewable energy and fund management industries, with the vision to generate attractive risk-adjusted returns while accelerating the global energy transition for a clean and sustainable future. Glentra will contribute to this vision by investing in and growing exceptional companies that deliver the energy infrastructure of tomorrow via investments in development platforms ranging from offshore wind to solar and sustainable fuels and in their supply chain companies as well as in energy optimisation and integration businesses. The mix of industry and investment experience among Glentra’s partners and team of employees secures a unique platform for growth and value creation for portfolio companies and investors. Glentra has offices in Copenhagen and London.
For media inquiries or further information, please contact:
Glentra Capital P/S
Christina Sobfeldt Jahn
Director, Investor Relations
Third Pillar Solar Renewables LLC
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