Glennmont Partners and PGGM establish Green Energy Management Services to manage Italian renewable energy assets
Glennmont Partners, the General Partner of Clean Energy Fund II, and the PGGM Infrastructure Fund have established Green Energy Management Services (GEMS) to manage their portfolio of Italian renewable energy assets and provide asset management services to third party clients.
The establishment of GEMS will enable the new company to become an independent clean energy asset manager and to develop, build and operate large portfolios of clean energy assets across Italy.
GEMS will comprise of 25 employees from SER with an aggregated expertise of more than 120 years in clean energy asset management activities. GEMS will begin operations with circa 400MW of wind assets under its management, making it one of the biggest asset management operators in the Italian market with immediate effect. The company intends to implement an organic growth strategy to provide a comprehensive range of services to new and existing clients.
Francesco Cacciabue, Partner & CFO at Glennmont Partners, says: “We are pleased to be establishing this joint venture with PGGM that will bring together our team’s unique blend of expertise in operations and asset management in the Italian market. As one of the biggest operators in the sector, we see excellent market opportunities for service providers in clean energy infrastructure.
The wealth of experience in the team will ensure a “value added approach” is adopted in all the activities carried out by the GEMS team. This has been recognized and appreciated by both PGGM and Glennmont, which we look forward to sharing with other Italian clean energy market asset owners.”
Martijn Verwoest, Head of Energy & Utilities at PGGM Infrastructure, says: “We are delighted with the establishment of GEMS. 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. We are proud to be supporting the team in growing this asset management services platform.”