A newly launched independent power producer (IPP) from clean energy fund manager Glennmont Partners is to develop a 473MWp portfolio of solar PV plants in Spain.
BNZ will also supervise the construction and operation of the eight projects, which are expected to be operational in 2024 and be deployed in the Andalucía, Valencia, Extremadura and Murcia regions.
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The announcement comes after Glennmont launched the IPP in September before finalising a deal to acquire the 473MWp Spanish solar portfolio from local developer and EPC contractor Grupotec later that month. Glennmont said at the time that the projects will be built using Tier-1 solar technology.
BNZ will be supported by asset management firm Exus Management Partners for development supervision of the portfolio, while consultancy Vector Renewables will be the owner’s engineer, leading project and site management.
Jordi Francesch, a board member at BNZ, said the solar portfolio managed by the company will be “one of the most important” in Spain, a market that “has great potential in the development of renewable energies, especially solar PV”.
BNZ currently has 350MW of solar in an advanced development stage across Spain, Italy and Portugal, as it aims to reach an installed capacity of more than 1GW by 2024 in those three countries.
While the firm will primarily focus on solar PV power generation, it also sees potential for future expansion into technologies such as battery storage and hydrogen.
After raising almost US$1 billion for its third fund in 2019, Glennmont Partners was acquired by investment manager Nuveen last year.