Glennmont’s Spanish solar portfolio begins construction phase
Glennmont Partners from Nuveen (“Glennmont”), one of the world’s largest fund managers investing in clean energy, has noted significant progress with the development of a 473MW solar PV portfolio in Southern Spain through its independent power producer (IPP), BNZ.
Leading the development are two Solar PV projects in the Cádiz region, totalling 74MW. These are ready for construction, with Spanish multidisciplinary engineering company Grupotec.
Project-specific EPC contracts have been signed for the Cádiz cluster between Grupotec and Glennmont’s IPP, BNZ. The remaining 11 projects that will be managed by BNZ continue their development phase with Grupotec and are also nearing construction stage.
This latest milestone represents the continued success of BNZ, as the IPP extends its record of delivery in solar PV. Additional announcments are expected in the future as projects mature and progress to Ready to build stage.
BNZ continues with its plan to deploy an aggregate portfolio of more than 1.5GW of solar PV across Southern Europe by end of 2024.
Francesco Cacciabue CFO and co-founder at Glennmont Partners, said: “We are delighted that our partners at Grupotec are ready to start building our first project in Cádiz. The signing of this EPC demonstrates our strong and enduring commitment to driving the energy transition in Spain and across Europe, and will constitute a core component of Southern Spain’s energy mix. This also marks a further successful milestone in Glennmont’s third clean energy investment fund, as we continue to provide both value and security through the renewable assets that we invest in.”
Cesar Moreyra, CEO of Grupotec, said: “Our relationship with Glennmont is strengthened every day, with whom we hope to jointly carry out many projects to help achieve the reduction emission objectives that as a company we have set for ourselves.”
Luis Selva, Managing Director of BNZ, said: “This project represents an important step for BNZ in the Spanish market, where there is great potential in the development of renewable energies, especially solar photovoltaic. The development of this clean energy project will also contribute to promoting the energy transition in Spain and to move towards a low emissions economy, which are objectives of great importance for our stakeholders and for society as a whole”.