Glennmont Partners has begun construction of a 473MW solar portfolio in southern Spain through its independent power producer BNZ.
First to enter construction are two solar projects in the Cádiz region, totalling 74MW.
Spanish multidisciplinary engineering company Grupotec will build these plants.
Project-specific engineering, procurement and construction (EPC) contracts have been signed for the Cádiz cluster between Grupotec and Glennmont’s IPP, BNZ.
The remaining 11 projects that will be managed by BNZ continue their development phase with Grupotec and are also nearing construction stage.
BNZ continues with its plan to deploy an aggregate portfolio of more than 1.5GW of solar PV across southern Europe by end of 2024.
Francesco Cacciabue, CFO and co-founder at Glennmont Partners, said: “We are delighted that our partners at Grupotec are ready to start building our first project in Cádiz.
“The signing of this EPC demonstrates our strong and enduring commitment to driving the energy transition in Spain and across Europe, and will constitute a core component of Southern Spain’s energy mix.
“This also marks a further successful milestone in Glennmont’s third clean energy investment platform, as we continue to provide both value and security through the renewable assets that we invest in.”
Cesar Moreyra, CEO of Grupotec, said: “Our relationship with Glennmont is strengthened every day, with whom we hope to jointly carry out many projects to help achieve the reduction emission objectives that as a company we have set for ourselves.”