Glennmont Partners, a European renewable energy investment manager owned by Nuveen, has entered the US market through a joint venture with solar developer GreenGo Energy US, a subsidiary of GreenGo Energy Group.
Glennmont and GreenGo plan to develop more than 1GW of combined and standalone solar PV and energy storage projects in the country.
They will identify projects in the early stages of development with a view to developing, constructing and operating the assets. The first projects are expected to come online in 2025.
The assets will be wholly owned by Glennmont Partners’ Clean Energy Investment Strategy, a €2bn value-add infrastructure fund specialising in energy transition.
Francesco Cacciabue, CFO and co-founder at Glennmont, said: “Glennmont are delighted to follow up a decade of sustained success investing in European renewables with this first step into the US market.
“Our commitment to investing in clean energy is one we have always looked to enact globally, and the US provides a significant opportunity for the next stage of our development.”
Karsten Nielsen, CEO and founder of GreenGo Energy, added: “Our new venture with Glennmont will combine industry-leading capabilities within the US renewable energy sector to accelerate our shared vision of leading the sustainable energy transformation globally.”
Dries Bruyland, head of US at Glennmont, said the US renewables market was an “increasingly attractive market with deep potential for investors”, especially since the passing of the Inflation Reduction Act.
Bruylan said the act “ensures favourable tax credits for renewable energy projects and provides long-term stability for investment over the next 10 years”.
He said: “This deal with GreenGo ensures Glennmont is well placed to capitalise on the vast opportunities in the US for the deployment of solar and storage right now as we work to accelerate the energy transition in new markets.”
Jonathan Burke, president and head of GreenGo Energy US, added: “Our 360-degree services platform is best leveraged in relationships such as this, where both parties highly value trust and mutual respect as core values.
“Our tailored solutions allow enhanced transparency and improved risk management to long-run investors like Glennmont who are comfortable investing at earlier stages of development.”