Glennmont Partners, a clean energy fund manager, acquired 161 MW of solar projects in Central and Southern Spain from Grupotec, a solar project developer and EPC contractor.
The agreement is a continuation of Glennmont’s 473 MW solar acquisition from Grupotec in September 2021 that will see their total solar PV capacity in Spain reach 634 MW. Of which 473 MW portfolio will be integrated into BNZ, Glennmont’s independent power producer (IPP) launched in 2021 to develop solar across Southern Europe. The projects are expected to reach the ready-to-build stage in 2022 and 2023.
Grupotec will partner with Glennmont on the construction and operations of the additional 161 MW pipeline. The projects will be built using Tier-1 solar technology partners.
Glennmont is undertaking a market-wide PPA RfP process with major European offtakers, where it will look to the structure and sign PPA’s throughout the construction phase of the projects.
Glennmont had Perez Llorca as legal advisers, Everoze as technical advisers, and PWC as tax and finance advisers for the transaction.
Glennmont was also supported by Exus Partners, who will support the oversight of the final stages of development. Grupotec had Uria Menendez as legal advisers, Enertis as technical advisers, and Augusta & Co and Astris Finance as financial advisers.
“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 that deliver stable returns for our investors,” said Joost Bergsma, CEO, and co-founder of Glennmont.
According to Mercom’s published Q4 2021 solar funding and M&A report, in 2021, the sector also saw the most project acquisition activity in terms of gigawatts, with more than 69 GW changing hands compared to 40 GW in 2020.