Glennmont Partners from Nuveen (“Glennmont”) has announced the investment in a 473MW solar photovoltaic (PV) portfolio in Central and Southern Spain from Grupotec.
The transaction, one of the largest of its kind this year, was agreed in August 2021 with the Spanish developer and EPC contractor Grupotec.
Grupotec will continue to partner with Glennmont on the construction and operations side, utilising their expertise in building over 1GW of solar power in the last 14 years, including 650MW in Spain. The projects will be built using Tier-1 solar technology partners.
The 473MW portfolio marks the latest milestone for Glennmont’s Clean Energy Fund III following the launch of BNZ, Glennmont’s new independent power producer (IPP) that plans to deploy 1GW of solar PV across Southern Europe bringing Glennmont’s total development pipeline of solar PV to over 1.5GW.
The PPA structuring of the workstream is well progressed in conjunction with top tier counterparties and is due to be signed throughout the construction phase.
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 Astris Finance and Augusta & Co as finance advisers.
Joost Bergsma, CEO and co-founder of Glennmont said:
“Glennmont are pleased to announce the purchase of our largest portfolio of solar projects to date from Grupotec. This latest acquisition as part of Glennmont’s Clean Energy Fund III follows the recent launch of our new IPP, BNZ, and is further evidence of our successful investment strategy in solar PV across Southern Europe and assist our investors to achieve sustainable returns in their infrastructure investments.
Spain represents a key target geography for Glennmont, where we have a strong understanding of the renewable energy market that enables our expert team to identify and secure assets which in turn provide stable returns for our investors.”
Francesco Cacciabue, CFO and co-founder of Glennmont said:
“Installation of solar PV is accelerating across Europe and worldwide. This latest acquisition from Fund III alongside our new solar platform, BNZ, ensures Glennmont is well positioned to develop projects as well as invest in developed portfolios, build them out and operate them. We plan to aggregate a large portfolio of solar PV assets across Portugal, Spain and Italy in the future.”
Olallo Villoldo, President and founder of Grupotec said:
“Grupotec is pleased to announce this transaction with Glennmont for its Spanish solar portfolio. Since the second Spanish Renewable Auction where Grupotec was awarded with 92MW of capacity, the company has been working hard to develop over 1GW solar PV in Spain, of which 700MW will be ready to build in the next 18 months.
This transaction demonstrates that the expertise of the company in the solar PV sector is highly valued in the market and we hope it could lead to future collaborations with Glennmont.”
Cesar Moreyra, Co-founder and CEO of Grupotec said:
“Solar PV is a fast-growing market worldwide and this transaction helps to consolidate the value created in the Spanish market, which enables us to focus on other key markets and accelerate our business plan to develop over 1GW of solar PV in Italy, UK, Mexico, Chile and Colombia.”
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.