Glennmont Partners has announced its entry into the US market through a JV with solar developer GreenGo Energy US, subsidiary of GreenGo Energy Group.
The JV will see Glennmont and GreenGo develop over 1GW of renewables in the US, with the first projects expected to come online in 2025.
They will develop both combined and standalone solar PV and energy storage projects in the early stages of their development, with a view to developing, constructing and operating the assets.
These assets will be 100% owned by Glennmont Partners’ Clean Energy Investment Strategy, a €2bn value-add infrastructure strategy specialising in energy transition investments.
The agreement to develop greenfield renewable energy projects in the US is a key milestone for Glennmont, who in recent years have managed over €3bn of renewables and clean energy assets across Europe.
It follows the successful recent launches of their clean energy and energy transition enhanced credit (ETEC) strategies, worth €700m and €250m respectively.
Glennmont will combine their expertise with global solar and storage specialists GreenGo, who have developed 7.5GW of solar and storage projects across the US and Northern Europe.
Francesco Cacciabue, chief financial officer at Glennmont Partners, said: “Glennmont are delighted to follow up a decade of sustained success investing in European renewables with this first step into the US market.
“Our commitment to investing in clean energy is one we have always looked to enact globally, and the US provides a significant opportunity for the next stage of our development.
“We look forward to working with the team at GreenGo to further the development of solar PV and energy storage systems across the US, while delivering returns for our investors.”
GreenGo Energy chief executive and founder Karsten Nielsen added: “Our new venture with Glennmont will combine industry leading capabilities within the US renewable energy sector to accelerate our shared vision of leading the sustainable energy transformation globally.”