PGGM and Glennmont Partners (Glennmont) have created a joint venture, which will manage the companies’ Italian renewable energy assets and provide third-party asset management services.
The joint venture, Green Energy Management Services (GEMS), will develop, build and operate large portfolios of clean energy assets across Italy, starting with approximately 400 megawatts (MW) of wind assets under its management, PGGM and Glennmont said.
‘Clean energy infrastructure’
Francesco Cacciabue, partner and chief financial officer at London-based Glennmont, commented: “As one of the biggest operators in the sector, we see excellent market opportunities for service providers in clean energy infrastructure.”
Martijn Verwoest, head of energy and utilities at PGGM infrastructure, part of Dutch pension provider PGGM, said: “The company is leveraging its depth in experience as developers and asset managers to build a portfolio of service contracts across the Italian clean energy market.”
Glennmont focuses on investment in clean energy infrastructure and has around €2bn of assets under management.
PGGM manages pension assets worth €252bn, as of 31 December 2019.