Glennmont Unveils IPP to Develop 1GW Solar Power in Southern Europe

Leading clean energy fund manager Glennmont Partners from Nuveen has launched BNZ, a new independent power producer company (IPP), to develop, build and operate solar photovoltaic (PV) projects in Southern Europe.

BNZ plans to reach an installed capacity of 1GW across Italy, Portugal and Spain by 2024, of which an initial 350MW are in advanced development stage by Glennmont.

The company’s main objective is the production of 100% renewable energy to help achieve a low carbon future which will see it primarily focus on solar PV power generation, with the potential for future expansion into other technologies such as battery storage and hydrogen, said Glennmont.

BNZ, the new IPP, will form a key part of Glennmont’s Clean Energy Fund III portfolio of investments and has already obtained authorisations to build its first solar PV energy plants in these markets.

Glennmont Partners Co-Founder and Director of BNZ Scott Lawrence, said: “The launch of BNZ represents the latest development in Glennmont’s expansion in Southern Europe. Italy, Portugal and Spain are priority markets for BNZ with strong growth potential in the generation of renewable technologies such as solar PV. Our teams experience in operations and asset management in these geographies will ensure we are able to identify and secure value from investments.”

“BNZ is a business venture tailored to the demands of our investors, helping to tackle climate change and ensuring compliance with the strictest ESG criteria, while offering a long-term vision with the potential for stable yields and predictable returns on investments. In this sense, Glennmont’s Clean Energy Fund III and BNZ adhere to the UNPRI in addition to abiding by the UN SDGs.”

In March 2021, Glennmont was acquired by Nuveen, the $1.3tn global asset manager, which will better enable Glennmont to meet increasing global demand for environmentally responsible investments in all major technologies – offshore wind, onshore wind and solar PV – in their core European markets as well as across Asia Pacific and the US, that also aim to provide alternative sources of attractive returns.