Glennmont Partners remains committed to photovoltaic projects in Spain. Following the acquisition of 473 megawatts of capacity last September, the British fund, owned by asset manager Nuveen, has decided to acquire an additional 161 megawatts, also in the centre and south of the country, as part of the agreement signed with developer Grupotec, which specialises in EPC (engineering, procurement and construction) projects, covering all stages of the process.

With the new acquisition, Glennmont Partners has reached 634 megawatts of capacity in our country, although not all of it will follow the same path. The first portfolio purchased from Grupotec, one of the largest transactions in this sector last year, will be integrated into BNZ, the independent power producer that was created in 2021 to develop solar power in southern Europe.

Construction and operation
Construction is expected to begin on all projects between 2022 and 2023. As it did with the portfolio sold in September, Grupotec will still be associated with these 161 megawatts, and will be responsible for construction and operation, adding to the more than 1.2 gigawatts of solar power it has commissioned over the past 14 years. The firm will work with tier-1 solar technology partners across all projects.

Glennmont is currently seeking a buyer among the major European players for the energy to be produced by these plants. Its objective is to sign PPAs (power purchase agreements) during the construction phase for the projects.

Investment strategy
As Glennmont CEO and co-founder Joost Bergsma recalls, “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”.

Glennmont CFO and co-founder Francesco Cacciabue added, “This latest 161 megawatt acquisition will help to further develop our solar platform in Southern Europe. It also ensures Glennmont is well positioned to partner with more organisations like Grupotec to develop projects, as well as investing in portfolios, build them up and operate them”.

Wind projects
Glennmont's interest is not only in PV solar energy. The British fund is also interested in both offshore and onshore wind energy. In fact, on 30 November, it announced the acquisition of 100% of Sirocco Winco 2, a portfolio comprising onshore wind projects in Albacete and Andalusia.

This was Glennmont's first purchase in the Spanish wind power market, which consists of four assets totalling 98.7 megawatts. All of them have begun operations and a ten-and-a-half year PPA has been signed with Engie.

^{Photo: Grupotec}