UK-based renewable energy investment firm Glennmont Partners from Nuveen has entered the U.S. market through a joint venture agreement with solar developer GreenGo Energy US Inc., a subsidiary of GreenGo Energy Group.
The joint venture will see Glennmont and GreenGo develop more than 1 GW of renewable energy in the United States, with the first projects expected to come online in 2025. The companies 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’ Clean Energy Investment Strategy, a $2.1 billion USD value-add infrastructure strategy specializing in energy transition investments.
“Our commitment to investing in clean energy is one we have always looked to enact globally, and the U.S. provides a significant opportunity for the next stage of our development,” said Francesco Cacciabue, CFO and cofounder of Glennmont. “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.”
The agreement to develop greenfield renewable energy projects in the United States represents a milestone for Glennmont, which in recent years has managed more than $3.2 billion of renewables and clean energy assets across Europe. It follows the successful recent launches of the company’s clean energy and energy transition enhanced credit (ETEC) strategies, worth $746 million and $266 million, respectively.
“Our new venture with Glennmont will combine industry leading capabilities within the U.S. renewable energy sector to accelerate our shared vision of leading the sustainable energy transformation globally,” said Karsten Nielsen, CEO and founder of GreenGo Energy.
Glennmont will combine its expertise with global solar and storage specialists GreenGo, which has developed 7.5 GW of solar and storage projects across the United States and Northern Europe.
“In our view, the U.S. 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,” said Dries Bruyland, head of U.S. operations at Glennmont. “This deal with GreenGo ensures Glennmont is well-placed to capitalise on the vast opportunities in the US for the deployment of solar and storage right now as we work to accelerate the energy transition in new markets.”
— Solar Builder magazine