Glennmont finishes 473MW Spanish solar spree
- Portfolio designer Grupotec will certainly remain to collaborate with the capitalist on building as well as procedures
Glennmont Partners has actually finished a financial investment in a 473MW solar photovoltaic (PV) portfolio in main as well as southern Spain.
The deal was agreed in August 2021 with the Spanish developer and design, purchase and building and construction service provider Grupotec.
Grupotec will certainly remain to partner with Glennmont on the building and construction and operations side.
The 473MW portfolio marks the current milestone for Glennmont's Clean Energy Fund 3 adhering to the launch of BNZ, Glennmont's brand-new independent power producer (IPP) that plans to deploy 1GW of solar PV across southern Europe bringing Glennmont's complete development pipeline of solar PV to over 1.5 GW.
The power purchase arrangement structuring of the workstream is well progressed in conjunction with top tier counterparties and is due to be signed throughout the building and construction phase.
Glennmont CEO Joost Bergsma stated: "Glennmont delights in to reveal the acquisition of our largest portfolio of solar projects to day from Grupotec.
" This most current purchase as part of Glennmont's Clean Energy Fund 3 complies with the recent launch of our new IPP, BNZ, and is further evidence of our effective investment strategy in solar PV across Southern Europe as well as assist our investors to attain lasting returns in their framework investments.
" Spain represents a key target location for Glennmont, where we have a strong understanding of the renewable energy market that allows our expert group to recognize and secure properties which subsequently offer steady returns for our financiers."
Since the 2nd Spanish Renewable Auction where Grupotec was granted with 92MW of capability, the company has actually been working to establish over 1GW solar PV in Spain, of which 700MW will certainly be ready to build in the following 18 months.