Glennmont Partners announced on March 1 that it has extended its pipeline of PV projects in Spain by acquiring a 161MW portfolio from Grupotec. Based in the UK, Glennmont is an investment fund that specializes in alternative energy projects. It became a subsidiary of US-based asset managing firm Nuveen last year. As for Grupotec, it is a Spanish EPC firm with 14 years of experience and 1.2GW of generation capacity installed.
Glennmont said that the 161MW portfolio comprises projects in the central and southern parts of Spain. They will be entering the ready-to-build stage during the 2022-2023 period.
After the transaction, Grupotec will continue to work with Glennmont in the construction and operation these projects. Glennmont also said that it will use solutions from Tier-1 technology partners. For this deal, Glennmont sought services from Pérez-Llorca as legal consultant, Everoze as technical consultant, and PWC as tax consultant. Additionally, Exus Partners assisted in the oversight of the final stage of the transaction. The value of the deal has yet to be revealed.
Glennmont has also initiated an RfP process to seek European partners that are willing to sign a PPA.
Earlier in September last year, Glennmont acquired a 473MW portfolio from Grupotec. BNZ, which is an IPP created by Glennmont, is working on this portfolio. The latest 161MW portfolio will be handled separately.
Francesco Cacciabue, CFO and co-founder of Glennmont, said that this latest acquisition will augment the firm’s PV asset platform in Southern Europe. The deal also provide opportunities for Glennmont to collaborate with Grupotec and similar organizations in the construction and operation of PV projects.