Danish company buys controlling stake in floating solar newcomer

Copenhagen-based company Glentra Capital has acquired a controlling stake in Third Pillar Solar Renewables, a U.S. developer and operator of floating solar projects.

Third Pillar’s projects, which vary in size from 3 to 200 MW, are set up on unused water bodies like reservoirs, wastewater treatment ponds, and quarries, using an approach that saves agricultural land often used for traditional solar panels.

Glentra said that this acquisition aligns with its investment strategy, which focuses on renewable energy platforms with effective management and an attractive range of projects. 

Led by Jaimeet Gulati, Third Pilar focuses on development, engineering, site origination, procurement, GIS, and finance, and has dedicated its efforts to establishing a robust pipeline of floating solar projects, since it was established in May 2022.

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.”  

Glentra said that, as the supply chain for floating solar matures and the costs of solar PV modules and specialized floats decrease, floating solar is expected to become more central to the energy transition.

Jaimeet Gulati, Chief Executive Officer at Third Pillar Solar, said: “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.”

In the U.S., Third Pillar plans to collaborate with EPC contractors to scale up the floating solar projects delivery expertise.

Its team 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 U.S.

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.