Renewable energy investment company Glennmont Partners from Nuveen announced that it has got into a joint venture with leading solar developer GreenGo Energy US, Inc., which is a subsidiary of GreenGo Energy Group from Denmark. This officially marks the entry of Glennmont into the US market. The move is quite a significant development for Glennmont, which has over €3bn of renewables and clean energy assets across Europe. Meanwhile, GreenGo has developed about 7.5 GW of solar and storage projects across the US and Northern Europe.
Through this joint venture, both Glennmont and GreenGo Energy US expect to develop over 1 GW of renewables in the US. They will develop both combined and standalone solar PV and energy storage projects. The idea is to develop, construct and operate the assets. The first projects will come online by about 2025.
CFO and Co-founder at Glennmont Partners from Nuveen, Francesco Cacciabue, said, "Glennmont is 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."
CEO and founder of GreenGo Energy, Karsten Nielsen said, "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."
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