Solar independent power producer (IPP) BNZ has begun work to construct three projects totalling 135MW in Lazio in Italy, near Viterbo and Montalto di Castro.
The output from these projects will be capable of supplying nearly 60% of the annual electrical needs of both Montalto di Castro and Viterbo cities.
In total, BNZ plans to deploy an aggregate portfolio of more than 1.7GW of solar PV in southern Europe (Italy, Spain, and Portugal) by the end of 2026.
BNZ was launched in 2021 by Glennmont Partners which is part of Nuveen, an investment manager with $1.1tn in assets under management as of 30 June 2023.
Glennmont Partners is one of Europe’s largest specialist renewable energy fund managers with approximately €2bn invested in over 30 clean power projects such as wind farms, solar photovoltaic and biomass that together produce more than 1500MW of energy across the European Union.
Glennmont Partners expects to invest €350m in the entire BNZ platform.
Luis Selva, Managing Director of BNZ, said: “Today’s event is a concrete testimony of our commitment to contribute to the development of renewables in Italy, which has an important potential in this field.
“Our dedication to being a responsible partner in the communities where we operate is our goal, to ensure that our projects can be an opportunity for employment, social and environmental growth and, building strong relationships to ensure long-term success.”