Glennmont increases Spanish PV pipe by 161MW

• Most current take care of Grupotec is an extension of last year's 473MW solar acquisition

Glennmont Partners is expanding its solar pipe in Spain with the purchase of a 161MW portfolio from Spanish programmer Grupotec.

Glennmont Partners has actually entered into an agreement with Grupotec for the pipeline which is based on projects found in central and southerly Spain.

The agreement is an extension of Glennmont's 473MW solar acquisition from Grupotec in September 2021 that will see its total solar photovoltaic capacity in Spain get to 634MW.

Only the 473MW portfolio will certainly be incorporated right into BNZ, Glennmont's independent power manufacturer (IPP) released last year to establish solar throughout southern Europe.

The projects are anticipated to get to ready-to-build stage in 2022 and also 2023.

Grupotec will certainly partner with Glennmont on the building and procedures of the additional 161MW pipe, using its EPC experience in structure over 1.2 GW of solar capacity over the last 14 years.

Glennmont is undertaking a market-wide power purchase agreement (PPA) request for proposal (RfP) process with European off takers, where it will certainly seek to structure and sign PPAs throughout the building phase of the projects.

For the deal Glennmont used Perez Llorca as legal adviser, Everoze as technological adviser and PWC as tax and financing consultant.

Glennmont was additionally supported by Exus Partners which will certainly support the oversight of the lasts of development.

Grupotec made use of Uría Menéndez as counsel, Enertis as technical advisor as well as Augusta & Co and Astris Money as money advisers.

Glennmont chief executive officer Joost Bergsma stated: "Last year we introduced the acquisition of our largest portfolio of solar projects, and also we are pleased to get to an agreement with Grupotec that will expand this pipe of projects.

" This purchase is further proof of our effective financial investment technique for solar PV in Spain, where we have a solid understanding of the regional market that allows our expert team to recognize and also secure assets which supply stable returns for our investors."