European fund manager Glennmont Partners has finalised its acquisition of a 473MW solar photovoltaic (PV) project portfolio in central and southern Spain from engineering, procurement and construction contractor Grupotec.

The portfolio is Glennmont’s largest acquisition this year and marks the latest milestone for its Clean Energy Fund III after the launch of BNZ.

BNZ is an independent power producer (IPP), through which Glennmont aims to develop 1GW of solar PV capacity across southern Europe and increase its total development pipeline to more than 1.5GW.

Glennmont co-founder and CEO Joost Bergsma said: “This latest acquisition, as part of Glennmont’s Clean Energy Fund III, follows the recent launch of our new IPP, BNZ.

“It is further evidence of our successful investment strategy in solar PV across southern Europe and will help our investors achieve sustainable returns on their infrastructure investments.

“Spain represents a key target geography for Glennmont, where we have a strong understanding of the renewable energy market, which enables our expert team to identify and secure assets that, in turn, provide stable returns for our investors.”

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Under the deal, Grupotec has agreed to support Glennmont in building and operating the solar portfolio.

Glennmont added that it is pursuing power purchase agreements with ‘top-tier’ counterparties, which are due to be signed during the project’s construction phase.

Grupotec founder and president Olallo Villoldo said: “Since the second Spanish Renewable Auction, where Grupotec was awarded 92MW of capacity, we have been working hard to develop more than 1GW of solar PV capacity in Spain, of which 700MW will be ready to build in the next 18 months.

“This transaction demonstrates that the expertise of the company in the solar PV sector is highly valued in the market and we hope it could lead to future collaborations with Glennmont.”