Glennmont Partners has added to its solar pipeline in Spain by purchasing a 161MW portfolio from Grupotec, a Spanish developer.
For the pipeline, Glennmont Partners has reached an agreement with Grupotec, which is centred on projects in central and southern Spain.
Glennmont’s 473MW solar acquisition from Grupotec in September 2021 will bring its total solar photovoltaic capacity in Spain to 634MW, according to the deal.
Only the 473MW portfolio will be integrated into BNZ, Glennmont’s independent power producer (IPP) that was established last year to grow solar in southern Europe.
In 2022 and 2023, the projects are scheduled to be ready to build.
Grupotec will collaborate with Glennmont on the construction and operation of the additional 161MW pipeline, leveraging its EPC experience in the installation of over 1.2GW of solar power over the last 14 years.
Glennmont is putting up a market-wide power purchase agreement (PPA) request for proposal (RfP) with European off takers, with the goal of structuring and signing PPAs during the project’s building phase.
Glennmont hired Perez Llorca as its legal counsel, Everoze as its technical counsel, and PWC as its tax and financial counsel for the deal.
Glennmont has also received funding from Exus Partners, which will oversee the final stages of development.
Ura Menéndez served as legal counsel for Grupotec, Enertis served as technical counsel, while Augusta & Co and Astris Finance served as financial counsel.
Joost Bergsma, CEO of Glennmont, said: “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 which deliver stable returns for our investors.”