Fund Solutions

Glennmont Acquires Seven Solar Projects in Italy

One of Europe’s largest fund managers Glennmont Partners has acquired a portfolio of seven solar photovoltaics (PV) projects in Southern Italy, which will provide 65 Megawatts (MW) of installed capacity once operational. The projects, located in the Basilicata region of Italy, are due to produce 115,000MWh upon construction. They will be built in two clusters, with the first expected to begin construction in early 2024 and the other in the H2 of 2024. The projects are expected to be commissioned in the first half of 2025 and the second half of 2026 respectively. The portfolio also comes with the significant additional benefit of being able to participate in the Italian Gestore Servici Energetici (GSE)’s auctions for feed-in-tariffs, due to being developed on industrial land. “[We] are pleased to announce the acquisition of this portfolio, which will provide clean, low-cost power in Southern Italy and make a significant contribution to the country’s decarbonisation goals,” said Francesco Cacciabue, CFO at Glennmont Partners. “Our team has over a decade of experience investing in the Italian renewables market. This means we are well-placed to maximise the value from these projects which are eligible for the GSE auctions, while their size and close proximity to one another gives significant scope for capex and opex optimisations – helping to meet the demands from our investors.”

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