Glennmont forms 1GW United States solar, storage JV

• Investor is partnering with GreenGo Energy with very first projects due in 2025

Glennmont Partners has announced its access into the US market through a JV with solar developer GreenGo Energy United States, subsidiary of GreenGo Energy Group.

The JV will certainly see Glennmont and GreenGo establish over 1GW of renewables in the US, with the very first projects anticipated ahead online in 2025.

They will create both mixed as well as standalone solar PV as well as energy storage projects in the beginning of their development, for establishing, constructing and operating the assets.

These assets will be 100% had by Glennmont Partners' Clean Energy Investment Strategy, a EUR2bn value-add infrastructure strategy being experts in energy transition investments.

The agreement to develop greenfield renewable resource projects in the US is a key milestone for Glennmont, who over the last few years have handled over EUR3bn of renewables and clean energy assets across Europe.

It complies with the effective current launches of their clean energy and energy transition enhanced credit (ETEC) strategies, worth EUR700m as well as EUR250m respectively.

Glennmont will incorporate their expertise with global solar and storage experts GreenGo, that have developed 7.5 GW of solar as well as storage projects across the United States and also Northern Europe.

Francesco Cacciabue, chief financial officer at Glennmont Partners, stated: "Glennmont are delighted to follow up a years of sustained success investing in European renewables with this primary step right into the US market.

" Our commitment to investing in clean energy is one we have constantly aimed to establish internationally, and the US offers a significant opportunity for the next phase of our growth.

" We expect working with the group at GreenGo to enhance the advancement of solar PV and energy storage systems across the US, while supplying returns for our investors."

GreenGo Energy chief executive and founder Karsten Nielsen added: "Our new venture with Glennmont will incorporate industry leading capabilities within the US renewable resource sector to increase our common vision of leading the sustainable energy makeover worldwide."