UK’s NatWest to Support European Energy Transition with €450M Financing of Solar Power Initiatives

NatWest continues to support the European energy transition with €450 million financing of solar power projects in Southern Europe.

NatWest has recently teamed up with Glennmont Partners in order to finance the construction of 17 solar photovoltaic projects across Spain, Italy and Portugal with a total debt package of €450 million.

As a “Tier 1” lender, NatWest reveals it has provided Glennmont Partners with a what’s described as a “flexible” and innovative Power Purchase Agreement Strategy across the portfolio and included an “accordion facility to future-proof the structure.”

Glennmont Partners has also notably benefitted from the support of the European Investment Bank.

As noted in the update, the funding will now allow for the construction of a 710 MW solar photovoltaic portfolio by an independent power producer BNZ.

Reportedly being backed by Glennmont Partners, BNZ develops, builds and operates solar photovoltaic projects in Southern Europe, particularly in Spain, Portugal and Italy, and is reviewing “opportunities in adjacent jurisdictions and synergetic technologies, such as wind and battery storage solutions.”

As explained in a blog post by UK’s NatWest Group, the transaction currently supports the local aim of producing more than 80% of “clean” electricity in Spanish, Portuguese and Italian electricity markets within the next 10 years.

As mentioned in the latest announcement, the transaction reportedly builds on a “longstanding” and successful partnership between NatWest and Glennmont Partners that’s focused on the global renewable energy market.

Glennmont Partners is said to be one of Europe’s “largest” fund managers focusing “exclusively” on investment in clean energy infrastructure.

With around €4 billion of dedicated assets under management (AuM) as well as more than five gigawatts of renewable energy assets, Glennmont Partners has a team of more than 30 professionals who are said to be managing the BNZ platform.

As covered recently, NatWest Group has also announced a progress update on its ambition to provide £5 billion in new lending to the UK social housing sector, with the bank confirming £2.8 billion has been provided up to 31 August 2024.



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