Glennmont to build 1 GW PV plants in southern Europe
Post date: 16/09/2021 - 11:21
British fund manager Glennmont Partners has launched BNZ, a power generation company that will develop, build and operate photovoltaic plants. The Barcelona-headquartered firm reportedly aims to build 1 GW of installed solar power capacity in Italy, Portugal and Spain by 2024. Of that, 500 MW are »at an advanced stage of development,« according to Glennmont. Permits for the construction of the first photovoltaic power plants have already been granted.
BNZ is» an important component« of Glennmont's Clean Energy Fund III investment portfolio, the company said. Solar power generation could be joined in the future by business areas such as battery storage and hydrogen.
Glennmont Partners was acquired in March 2021 by U.S. asset manager Nuveen, which in turn is owned by the Teachers Insurance and Annuity Association (TIAA), one of the largest U.S. financial services companies. Nuveen reportedly manages about $1.3 trillion in assets. Glennmont specializes in renewable energy and, as a fund manager, has invested around €2 billion in more than 30 energy projects such as wind farms, photovoltaics and biomass.