Fund manager Glennmont Partners has entered the US market through a joint venture (JV) with solar developer GreenGo Energy to develop 1GW of solar and storage capacity.
Through the JV the companies will develop both combined and standalone greenfield solar PV and energy storage projects.
The first projects are expected to be operational in 2025 and will be entirely owned by Europe-headquartered Glennmont’s fourth Clean Energy Investment Strategy that specialises in energy transition investments.
This is not the first JV Glennmont has been a part of recently, as it established one with South Korean developer SK D&D to invest in solar PV projects in South Korea with an initial phase of 80MW.
Dries Bruyland, head of US at Glennmont Partners, said: “The US renewables market represents an increasingly attractive market with deep potential for investors, particularly since the enactment of the Inflation Reduction Act, which ensures favourable tax credits for renewable energy projects and provides long-term stability for investment over the next ten years.”
Moreover, the Danish developer has developed over 7.5GW of solar and storage projects across the US and Northern Europe, and recently partnered with Norwegian renewables developer Hydro Rein and German investment company Commerz Real to execute up to 1GW of GreenGo’s utility-scale solar PV portfolio in Denmark.