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Glennmont expands solar pipeline in Spain with acquisition of 161MW portfolio

March 1, 2022

Glennmont Partners from Nuveen (“Glennmont”) has expanded its pipeline of solar photovoltaic (PV) projects in Central and Southern Spain with 161MW of additional capacity as part of an agreement with Grupotec, the Spanish developer and EPC contractor.

The agreement is a continuation of Glennmont’s 473MW solar acquisition from Grupotec in September 2021 that will see their total solar PV capacity in Spain reach 634MW. Only the 473MW portfolio will be integrated into BNZ, Glennmont’s independent power producer (IPP) launched last year to develop solar across Southern Europe. The projects are expected to reach ready-to-build stage in 2022 and 2023.

Grupotec will partner with Glennmont on the construction and operations of the additional 161MW pipeline, utilising their expertise in building over 1.2GW of solar power in the last 14 years. The projects will be built using Tier-1 solar technology partners.

Glennmont is undertaking a market-wide PPA RfP process with leading European offtakers, where it will look to structure and sign PPA’s throughout the construction phase of the projects.

For the transaction Glennmont had Perez Llorca as legal advisers, Everoze as technical advisers and PWC as tax and finance advisers. Glennmont was also supported by Exus Partners who will support the oversight of the final stages of development. Grupotec had Uría Menéndez as legal advisers, Enertis as technical advisers and Augusta & Co and Astris Finance as finance advisers.

Joost Bergsma, CEO and co-founder of Glennmont said:

“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.”

 Francesco Cacciabue, CFO and co-founder of Glennmont said:

 “This latest 161MW 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 invest in developed portfolios, build them out and operate them.”

In March 2021, Glennmont was acquired by Nuveen, the $1.3tn global asset manager, which will better enable Glennmont to drive its plans to raise further renewable funds, and to target new investments in all major technologies – offshore wind, onshore wind and solar PV – in their core European markets as well as across Asia Pacific and the US.

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