Nuveen Glenmont Partners Takes Over Seven Solar Photovoltaic Plants in Basilicata

Private equity interest in Italian green continues after Nuveen Glennmont Partners, a company of Nuveen Infrastructure, which specializes in renewables and is among the world’s largest management companies investing in clean energy, itself under the control of U.S. asset manager Nuveen, acquired a portfolio of seven solar photovoltaic plant projects in southern Italy that, once operational, will provide 65 MW of installed capacity. The company, for compliance reasons, could not provide information on the identity of the seller.

Located in the Basilicata region of Italy, the plants will produce 115,000 MWh upon construction, which will take place in two portfolios: for the first, construction is scheduled to start in early 2024 while for the other in the second half of 2024, with the plants scheduled to start operation in the first half of 2025 and the second half of 2026, respectively. In addition, the entire portfolio can also participate in auctions by Italy’s Gestore dei Servizi Energetici (GSE) for feed-in tariffs, as it is developed on industrial land.

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The deal, Nuveen notes, is part of Glennmont’s fourth investment strategy in the renewable energy sector

It complements plans by independent power producer BNZ (already part of Glennmont’s portfolio) to develop 1.5 GW of renewable capacity in southern Europe. It also further strengthens Glennmont’s positioning as a leader in the solar PV market, following recent joint venture announcements in the United States and South Korea last year.

Glennmont Partners, formerly Bnp Paribas Clean Energy Partners (see other BeBeez article here), is a leading infrastructure company that has been at the forefront of clean energy investments for more than a decade. It is now part of Nuveen, which manages $1.3 trillion in assets on behalf of institutional and private investors worldwide. Glennmont is one of the largest management companies specializing in renewable energy in Europe, with about €2 billion invested in more than 30 clean energy projects, such as wind farms, solar photovoltaic, and biomass, collectively producing more than 1,500 MW of energy across the European Union.

Francesco Cacciabue, the chief financial officer of Nuveen Glennmont Partners, said, “Glennmont is pleased to announce the acquisition of this portfolio, which will provide clean, low-cost energy in southern Italy and make a significant contribution to the country’s decarbonization goals.” “Our team,” he added, “has decades of experience investing in the Italian renewables market. This puts us in an ideal position to maximize the value of these projects, which are eligible for GSE auctions, while their respective sizes and proximity to each other offer significant scope for optimizing investment and operating expenses that help meet the demands of our investors.”

The Nuveen deal is just the latest in a series of investments made by the private market in Italian renewables. It was last week’s purchase by the Tages Helios II fund, managed by Tages Capital sgr, of one of Italy’s largest photovoltaic plants, in the province of Cagliari, with a total installed capacity of about 82 megawatts. According to reports in BeBeez, the plant in Uta (Cagliari), whose construction was completed last year by the Carlo Maresca group and has just come into operation, covers an area of 95 hectares and is the largest ever built on an industrial zone, particularly that of the now reclaimed Sulcis-Iglesiente site of national interest.

In March, Redatom srl, a renewable energy investment company wholly owned by entrepreneur Ivano Redaelli, had taken over a photovoltaic park in Campania with a nominal capacity of 7.7 mw, while a few days earlier Pacifico Energy Partners, a company focused on renewable energy founded in Munich in 2016, had sold to Mytilineos Energy & Metals, a Greek multinational energy company listed on the Athens Stock Exchange, a portfolio of photovoltaic projects in southern Italy, a few months after it had created a joint venture with France’s Eiffel Investment Group aimed at developing a portfolio of photovoltaic projects in Italy with a total capacity of about 300 MW.

In February, on the other hand, Helios Energy Investments, an Israeli private equity operator that invests in energy, announced its second transaction in Italy about a year later by buying 70 percent of the capital of Euren Biogas Società Agricola from Germany’s PAF Projects For Advanced Fuels through a vehicle, HLS-Biogas srl, in which the Czech investment company Renewable Asset Management sro, based in Prague and led by CEO Petr Marek, has 30 percent.

It is January news that Alantra, an independent Spanish investment bank and asset manager, has strengthened its presence in Italy by launching the Italian private debt team led by managing director Alberto Pierotti, with global integrated solar photovoltaic provider Solarig to launch the investment vehicle N-Sun Energy, which will invest in photovoltaic plants in Italy and Spain, thanks to a total capital raising of €1.7 billion, between equity (€700 million) and debt (€1 billion). The debt portion has already been joined for a total of 265 million by infrastructure asset manager Reichmuth, and French asset manager Amundi.

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(Featured image by mrganso via Pixabay)

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First published in Be Beez, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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