Nuveen-owned Glennmont has launched an independent power producer (IPP) to develop, build and operate 1GW of solar photovoltaic projects in southern Europe.
BNZ plans to reach an installed capacity of 1GW across Italy, Portugal and Spain by 2024, of which an initial 350MW is in the advanced development stage.
The company’s main objective is to primarily focus on solar PV power generation, with the potential for future expansion into other technologies such as battery storage and hydrogen.
BNZ will form a key part of Glennmont’s Clean Energy Fund 3 portfolio of investments and has already obtained authorisations to build its first solar PV energy plants in these markets.
Glennmont Partners co-founder and director of BNZ Scott Lawrence said: “The launch of BNZ represents the latest development in Glennmont’s expansion in Southern Europe.
“Italy, Portugal and Spain are priority markets for BNZ with strong growth potential in the generation of renewable technologies such as solar PV.
“Our teams’ experience in operations and asset management in these geographies will ensure we are able to identify and secure value from investments.”
In March 2021, Glennmont was acquired by Nuveen, a $1.3tn global asset manager.