Clean energy fund manager Glennmont launches new power company

LONDON (Reuters) - Glennmont Partners has launched an independent power company to develop and operate solar photovoltaic (PV) projects in southern Europe, the clean energy fund manager said on Wednesday.

The new company, called BNZ, plans to install 1 gigawatt of solar PV capacity in Italy, Portugal and Spain by 2024.

Some 350 megawatts of that capacity is already at an advanced development stage by Glennmont.

BNZ will focus primarily on solar PV projects but could expand into technologies such as battery storage and hydrogen, Glennmont said.

"Italy, Portugal and Spain are priority markets for BNZ with strong growth potential in the generation of renewable technologies such as solar PV," said Scott Lawrence, Glennmont Partners co-founder and director of BNZ.

Glennmont, which has around 2 billion euros ($2.4 billion) of assets under management, was acquired by global asset manager Nuveen in March.

($1 = 0.8459 euros)

(Reporting by Nina Chestney; editing by Jason Neely)