Glennmont Partners is expanding its solar portfolio in Spain through a new venture with Spanish developer Grupotec.
The Nuveen-owned infrastructure manager, which acquired is a 473MW portfolio solar project from Grupotec in September last year, said it will partner with Grupotec on the construction and operations of an additional 161MW pipeline in central and southern Spain.
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.”
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