Verdian’s current pipeline already has 800MW of capacity sourced both in-house and
from acquisitions at “ready to build” phase
Glennmont Partners from Nuveen (“Glennmont”), one of Europe’s leading clean energy fund managers, has launched
Verdian Power (“Verdian”), a new independent power producer (IPP). Veridian has been created with a focus on
designing, building and operating solar photovoltaic and wind power plants, incorporating storage and hybridisation
technologies, as well as distributed generation projects, in European markets. Verdian projects will be located mainly in
Italy and Spain although the IPP is also planning to have presence in other markets.
Verdian plans to reach an installed capacity of 3GW in Italy, Spain and other European countries. The firm already has
800MW in its current pipeline, coming from in-house developments and from projects acquired at “ready to build”
phase. The first solar photovoltaic projects will begin its construction in 2024 and could be operational by the end of
2025 in Italy and Spain.
The company’s main objective is the production of 100% renewable energy to move towards a net-zero future and
contribute to Europe’s energy independence. Verdian Power’starget is to achieve an installed capacity of 3GW by 2026,
whichwould be capable ofsupplying the annual household electricity needs of almost 3 million people. The clean energy
produced by Verdian Power annually will avoid the emission of 1million tonnes of carbon dioxide equivalent (CO2e) per
year.
Moving towards a net-zero future and driving Europe’s energy independence
The local production of reliable and affordable solar photovoltaic and wind power will help our society to move towards
a net-zero future and avoid the import of fossil fuelssuch as natural gas from third countries. This will enhance Europe’s
energy independence and security of supply, as well as improving environmental sustainability.
For example, the energy produced by the whole portfolio of Verdian Power (3GW) willsave the use of almost 983 million
m3 per year of natural gas that would have been consumed by combined cycle gas turbine (CCGT) plants to generate
the same amount of energy. In addition, Verdian Power estimates that it will create 8.300 direct and indirect jobs by
2026, from the construction of its current 800MW pipeline.
Verdian will form a key part of Glennmont’s Clean Energy Fund IV portfolio of investments. Its multidisciplinary team
will be based in Barcelona and will coordinate with country teams across different European countries to carry out the
management and implementation of energy projects.
Working to ensure global and local development and sustainability
Glennmont Partners Co-Founder and Board Member of Verdian, Scott Lawrence, said:
““Glennmont are pleased to launch Verdian – a venture that not only demonstratesthe enduring appetite for renewables
investment in Europe, but also represents a future-proofed approach to clean energy generation”.
“The combination of established renewables technologies with hybridization and storage capacity in particular, 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.”
Jordi Francesch, Head of Asset Management & Chief Risk Officer of Glennmont Partners, added:
“Through the expertise we have built up over the last few years and by leveraging the latest technologies to increase
efficiency in our value chain, we are poised to meet all the demand we have already identified in key markets such as
Italy and Spain. Furthermore, we will do so through a completely collaborative approach with the communities in which
Verdian will operate, putting our utmost effort into making a decisive contribution to local socio-economic development
and the improvement of global environmental sustainability”.
