Glennmont sets up IPP company to add 1 GW of solar in Southern Europe

Solar farm in Portugal. Author: Hugo Cadavez.

September 17 (Renewables Now) - London-based fund manager Glennmont Partners said on Wednesday it intends to build and own 1 GW of solar power capacity in Southern Europe via a newly established company -- BNZ.

The independent power producer company (IPP) will initially focus solely on the solar photovoltaic (PV) market, starting with a 350-MW portfolio of projects in advanced development. Its goal is to reach 1 GW by 2024 by developing, building and operating solar parks in Italy, Portugal and Spain.

Permissions to construct the first solar parks have already been secured. Details about the particular schemes were not available.

Glennmont, which was acquired by global asset manager Nuveen in March, said that the new company may later expand into other technologies such as battery storage and hydrogen. Its assets will be part of Glennmont’s Clean Energy Fund III portfolio of investments.

“BNZ is a business venture tailored to the demands of our investors, helping to tackle climate change and ensuring compliance with the strictest ESG criteria, while offering a long-term vision with the potential for stable yields and predictable returns on investments,” said Scott Lawrence, Glennmont Partners’ co-founder and director of BNZ.

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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