Glennmont Partners (“Glennmont”) from Nuveen, one of the world’s largest renewable energy investment managers, has announced its entry into the US market through a joint venture agreement with leading solar developer GreenGo Energy US, Inc., a subsidiary of GreenGo Energy Group (“GreenGo”).
The joint venture will see Glennmont and GreenGo develop over 1GW of renewables in the US, with the first projects expected to come online in 2025. They will develop both combined and standalone solar PV and energy storage projects in the early stages of their development, with a view to developing, constructing, and operating the assets. These assets will be 100% owned by Glennmont Partners’ fourth Clean Energy Investment Strategy, a €2bn value-add infrastructure strategy specializing in energy transition investments.
The agreement to develop greenfield renewable energy projects in the US is a key milestone for Glennmont, who in recent years have managed over €3bn of renewables and clean energy assets across Europe. It follows the successful recent launches of their evergreen and second energy transition enhanced credit (ETEC) strategies, worth €700m and €250m respectively.
Glennmont will combine their expertise with global solar and storage specialists GreenGo, who have developed 7.5GW of solar and storage projects across the US and Northern Europe.
Francesco Cacciabue, CFO and Co-founder at Glennmont Partners from Nuveen, 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. We look forward to working with the team at GreenGo to further the development of solar PV and energy storage systems across the US, while delivering returns for our investors.”
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 Partners from Nuveen, 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 favorable tax credits for renewable energy projects and provides long-term stability for investment over the next ten years.”
“This deal with GreenGo ensures Glennmont is well-placed to capitalise on thevast 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.”