Glennmont Partners has completed an investment in a 473MW solar photovoltaic (PV) portfolio in central and southern Spain.
The transaction was agreed in August 2021 with the Spanish developer and engineering, procurement and construction contractor Grupotec.
Grupotec will continue to partner with Glennmont on the construction and operations side.
The 473MW portfolio marks the latest milestone for Glennmont’s Clean Energy Fund 3 following the launch of BNZ, Glennmont’s new independent power producer (IPP) that plans to deploy 1GW of solar PV across southern Europe bringing Glennmont’s total development pipeline of solar PV to over 1.5GW.
The power purchase agreement structuring of the workstream is well progressed in conjunction with top tier counterparties and is due to be signed throughout the construction phase.
Glennmont CEO Joost Bergsma said: “Glennmont is pleased to announce the purchase of our largest portfolio of solar projects to date from Grupotec.
“This latest acquisition as part of Glennmont’s Clean Energy Fund 3 follows the recent launch of our new IPP, BNZ, and is further evidence of our successful investment strategy in solar PV across Southern Europe and assist our investors to achieve sustainable returns in their infrastructure investments.
“Spain represents a key target geography for Glennmont, where we have a strong understanding of the renewable energy market that enables our expert team to identify and secure assets which in turn provide stable returns for our investors.”
Since the second Spanish Renewable Auction where Grupotec was awarded with 92MW of capacity, the company has been working to develop over 1GW solar PV in Spain, of which 700MW will be ready to build in the next 18 months.