Nuveen-backed infrastructure fund manager Glennmont Partners has partnered with MN to launch a €700m strategy targeting renewable energy projects on brownfield sites across Europe.
Nuveen European Core Renewable Infrastructure (NECRI) will begin investing in the Netherlands, UK, France, Spain, Italy, Nordics, Germany and Benelux countries from the fourth quarter of 2022.
Technologies it will target include offshore wind, onshore wind, solar PV, hydro and storage.
MN is investing €600m in the venture on behalf of its client PMT, while Nuveen’s parent company, TIAA, will also back the fund with a €100m investment.
It is the second strategy Glennmont is launching as part of Nuveen Infrastructure, following its acquisition by the company in early 2021.
Joost Bergsma, CEO and co-founder at Glennmont Partners from Nuveen, said: “We are delighted to be working with MN again for the launch of our first evergreen strategy. The new strategy underlines Glennmont’s ability to deliver for a wide range of investors through innovative green products and investment options.
“It will also enable us, for the first time, to leverage our team’s operational expertise to maximise the entire life cycle of existing clean energy assets. We look forward to welcoming additional investors into this evergreen strategy, as soon as we have deployed the commitments from MN and TIAA.”
Sebastiaan Ranner, principal portfolio manager at MN, added: “The launch of NECRI to invest in renewable projects across Europe is a significant milestone for MN and its partnership with Glennmont, who have a strong track record in clean energy investment. Sizeable investments in clean energy are important as the negative effects of climate change are getting worse by the day. The new commitment from our client PMT puts deed to its decarbonization ambitions.”