Glennmont to tap US renewables market with 1-GW solar, storage JV

UK fund manager and clean infrastructure investor Glennmont Partners will set foot on the US market through a joint venture (JV) with solar developer GreenGo Energy US Inc, aiming to develop over 1 GW of solar and storage projects.

The duo intends to work on both combined solar-plus-storage schemes and standalone photovoltaic (PV) projects that are currently in the early stages. The plan is to jointly develop, build and operate the projects, Glennmont said on Wednesday.

The first plants to be realised under the initiative are expected to become operational in 2025. The assets will be owned by Glennmont Partners’ fourth Clean Energy Investment Strategy.

Glennmont is part of US-based asset management company Nuveen. The company, which has invested in more than 1.5 GW of renewable energy assets across Europe, said the deal with GreenGo will put it on track to capitalise on the opportunities offered by the US solar and storage markets. Its new partnership comes a few weeks after it announced plans for a JV with South Korean real estate group SK D&D Ltd (KRX:210980) that will invest in solar projects in South Korea.

The GreenGo Energy Group has more than 7.5 GWp of solar and energy storage projects under development and construction in the US and Northern Europe.

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