- Glennmont Partners has completed the acquisition of 473 MW solar PV assets in Spain
- Grupotec has divested stake in the projects, but will continue to offer construction and operational management
- The project owners are targeting top tier counterparties to contract as offtakers under PPAs that will be signed during construction phase
Glennmont Partners, the clean energy fund under global asset manager Nuveen, has completed the acquisition of 473 MW solar PV portfolio in Spain calling this its largest portfolio of PV projects to date.
The company has bought these projects from Spanish solar developer and EPC contractor Grupotec for an undisclosed sum. Grupotec will continue to be associated with these projects to construct and operate the same using ‘Tier-1 solar technology partners’. The 473 MW capacity is to come up in Central and Southern Spain.
Calling Spain a ‘key target geography’ for the company, Glennmont shared that the power purchase agreement (PPA) structuring of these facilities is ‘well progressed in conjunction with top tier counterparties’. The PPAs will be signed through the construction phase.
The completion of this deal takes Glennmont’s total solar PV development pipeline to more than 1.5 GW. It recently launched an independent power producer (IPP) BNZ for Spain, Italy and Portugal markets where it will develop, build and operate 1 GW solar by 2024 (see Glennmont Partners Launches New Solar IPP).
Glennmont’s CFO and Co-Founder Francesco Cacciabue said his company plans to aggregate a large portfolio of solar PV assets across the 3 target nations in the future.