Glennmont launches new venture eyeing 3GW renewables in southern Europe
Glennmont launches new venture eyeing 3GW renewables in southern Europe | Windpower Monthly
Clean energy infrastructure investor Glennmont Partners has launched a new independent power producer aiming to develop 3GW of wind and solar in southern Europe by 2026.
The new venture – Verdian Power – already has an 800MW pipeline sourced both in-house and from acquisitions at a ready-to-build phase, it stated.
It plans to integrate its renewable energy projects with storage technologies, and plans to co-locate wind and solar projects in its portfolio.
Glennmont Partners’ co-Founder and Verdian board member, Scott Lawrence, said: “The combination of established renewables technologies with hybridisation and storage capacity is a recognition of the importance of increasing control over intermittency and grid fluctuations, and provides a further means of ensuring safe investment with potential for consistent returns.”
Verdian will be based in Barcelona and will largely focus its efforts in Italy and Spain, but also plans to be active in other markets.
Related Knowledge Center: ENERGY BASICS: renewables
Renewable energy sources — once the fuel of the future, then practical in specific, narrow applications — are increasingly economic mainstream sources of power generation. Hydropower was long the mainstay of U.S. renewable electricity generation, although wind power surpassed hydro for the first time in 2019, and solar continues its rapid growth. The continued growth of wind and solar, with their fluctuations, is tied in part to improvements in storage technology: batteries.