Glennmont to develop 3GW of renewable energy in southern Europe

Fund manager Glennmont Partners from Nuveen has kicked off a new independent power producer to develop 3GW of renewable energy in southern Europe.

The new IPP will seek to build renewable energy generation by incorporating renewable energy sources with storage and hybridisation technologies.

For this, Verdian will handle designing, building and operation of solar photovoltaic and wind power plants and distributed generation projects in European markets. The launch of Verdian means it joins BNZ in Glennmont’s portfolio of IPPs.

The major goal is the production of 100% renewable energy to achieve net-zero future.

According to the company, the projects will be based in Italy and Spain mostly, including in other markets. The first solar PV projects will kick off its construction next year and likely to be operational by the end of 2025 in Italy and Spain.

Glennmont Partners co-founder and board member of Verdian, Scott Lawrence, was quoted in a statement, "Glennmont are pleased to launch Verdian – a venture that not only demonstrates the enduring appetite for renewables investment in Europe, but also represents a future-proofed approach to clean energy generation.”

Meanwhile, Jordi Francesch, head of asset management & chief risk officer of Glennmont Partners, remarked, "Through the expertise we have built up over the last few years and by leveraging the latest technologies to increase efficiency in our value chain, we are poised to meet all the demand we have already identified in key markets such as Italy and Spain.”