Glennmont Partners is expanding its solar pipeline in Spain with the acquisition of a 161MW portfolio from Spanish developer Grupotec.
The agreement is a continuation of Glennmont’s 473MW solar acquisition from Grupotec in September 2021 that will see its total solar photovoltaic capacity in Spain reach 634MW.
Only the 473MW portfolio will be integrated into BNZ, Glennmont’s independent power producer (IPP) launched last year to develop solar across southern Europe.
The projects are expected to reach ready-to-build stage in 2022 and 2023.
Grupotec will partner with Glennmont on the construction and operations of the additional 161MW pipeline, using its EPC expertise in building over 1.2GW 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 look to structure and sign PPAs throughout the construction phase of the projects.
For the transaction Glennmont used Perez Llorca as legal adviser, Everoze as technical adviser and PWC as tax and finance adviser.
Glennmont was also supported by Exus Partners which will support the oversight of the final stages of development.
Grupotec used Uría Menéndez as legal adviser, Enertis as technical adviser and Augusta & Co and Astris Finance as finance advisers.
Glennmont CEO Joost Bergsma said: “Last year we announced the purchase of our largest portfolio of solar projects, and we are pleased to reach an agreement with Grupotec that will expand this pipeline of projects.
“This transaction is further evidence of our successful investment strategy for solar PV in Spain, where we have a strong understanding of the local market that enables our expert team to identify and secure assets which deliver stable returns for our investors.”