With the times we live in, numbers and implementation times are record breaking: 8.300 new jobs, 3 GW of new power in Italy, Spain and other European countries, all by 2026.
Glennmont Partners, European fund manager for clean energy, launched in recent days Verdian Power, a new subject for photovoltaic and wind power plants. The news comes directly from the company which also explains that the operational brain will have based in Barcelona and will be multidisciplinary. Operation and determination in a sector that experiences ups and downs. They are not current operations and will affect the energy structure of at least two countries.
The operation takes place in complicated days for solid energy supplies from North African countries. Renewable sources will have to mark a historic transition which however requires a mix for a few years.
Glennmont (Nuveen) focuses on renewable energy
However, the announcement should be read as the use of fresh money in all areas renewable dealing with various turbulences. Recently the European Environment Agency once again highlighted the slowdown in spending on clean energy due to international tensions. These are mainly capital expenditure to be incurred in the medium term. In short, fossil fuels still keep demand high and oil price fluctuations are the most reliable indicator of this.
Verdian Power will manage storage and hybridization technologies on which it will develop distributed generation projects.
Behind it there is already a managed potential of 800 MW. Furthermore, the new production will avoid the emission of 1 million tonnes of carbon dioxide per year.
Construction as early as 2024
Construction work on the first photovoltaic systems, which could be, will begin in 2024 operational by the end of 2025.
Italy and Spain are the privileged countries which according to planning should absorb all the events 8.300 workers. It will be necessary to understand where the plants and therefore the new jobs will be built.
From a financial perspective the company will form a key part of the investment portfolio of the Clean Energy Fund IV of Glennmont Il. On the other hand, the EU has approved new rules which provide that companies that use the EuGB sustainability label must explain to the market how the money is actually spent.
Italy and Spain are considered key markets. In Italy the development of clean sources awaits measures announced several times and postponed. Their application will give a boost and should ensure a comfortable period of multi-year management of civil and industrial consumption. At the moment no one can say whether the European targets for reducing emissions will remain the same as today. Europe has entered one sort of limbo after the invasion of Ukraine and has secured endless gas storage. This is also why the announcement of a new player in alternative sources must also be judged as an act of industrial courage.
