Glennmont Partners (part of Nuveen Infrastructure) has acquired a portfolio of seven solar projects in southern Italy, totalling 65MW of capacity.
The projects, located in the Basilicata region of Italy, will be built in two clusters, with the first expected to begin construction in early 2024 and the other in the second half of 2024.
The projects are expected to be commissioned in the first half of 2025 and the second half of 2026 respectively.
The portfolio also comes with the “significant additional benefit” of being able to participate in Italy’s Gestore Servici Energetici (GSE) auctions for feed-in-tariffs, due to the projects being sited on industrial land.
Francesco Cacciabue, Chief Financial Officer at Glennmont Partners, said: “Glennmont is pleased to announce the acquisition of this portfolio, which will provide clean, low-cost power in southern Italy and make a significant contribution to the country’s decarbonisation goals.
“Our team has over a decade of experience investing in the Italian renewables market.
“This means we are well-placed to maximise the value from these projects which are eligible for the GSE auctions, while their size and close proximity to one another gives significant scope for CapEx and OpEx optimisations – helping to meet the demands from our investors.”
The transaction is part of Glennmont’s fourth clean energy investment strategy and supplements the plans of its independent power producer, BNZ, to develop 1.5GW of renewable power generation in Southern Europe.
Green Horse, Kiwa Moroni, Grant Thornton and Cisternino, Desiderio & Partners acted respectively as the legal, technical, financial and tax advisors for Glennmont for the acquisition.