Glentra Capital Invests In Floating Solar Company

• Glentra Capital has acquired a majority stake in floating solar company Third Pillar Renewables 
• Glentra said it will support the developer to accelerate the development of its projects in the US 
• Third Power Renewables said this deal will enable it to expand its capabilities across development, construction and operational domains 

Denmark-headquartered investment manager Glentra Capital has picked up a majority stake in the US-based floating solar projects developer Third Pillar Solar Renewables for an undisclosed amount. 

Founded in 2022, Third Pillar develops, owns and operates floating solar power plants with a pipeline of projects ranging between 3 MW and 200 MW in size. 

Third Pillar deploys floating solar plants on unused water bodies such as reservoirs, wastewater treatment ponds, and quarries. With Glentra's acquisition, Third Pillar CEO Jaimeet Gulati said it will scale the organization and expand its development, construction and operational capabilities.  

For Glentra, this transaction is aligned with its investment strategy of investing into renewable growth platforms with strong management teams and an attractive pipeline of projects. It was founded by Henrik Tordrup who previously worked with the Copenhagen Infrastructure Partners (CIP) and Ørsted. 

"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," said Partner at Glentra Lars Villadsen, who was previously the CFO of Vestas North America.