Nuveen Infrastructure (formerly Glennmont Partners from Nuveen), has announced the successful final close of its fourth clean energy investment strategy.
The strategy has reached its target of doubling in size from its previous vintage.
Once fully invested and all assets are operational, it is projected that the clean energy produced by the assets will equate to over 4.6m tonnes of avoided greenhouse gas emissions every year, Nuveen said.
The strategy’s first investment was the acquisition of a 50% share of the 900MW German offshore wind farm Borkum Riffgrund 3 from Orsted.
It since has gone on to invest in development, ready-to-build and operational assets including offshore and onshore wind, solar PV and supporting technologies such as Battery Energy Storage Systems (BESS).
Commitments have been received from blue chip pension funds, insurers, banks and wealth managers, including Nuveen’s parent company, Teachers Insurance and Annuity Association of America (TIAA).
It is categorised as SFDR Article 9, aiming to the highest levels of sustainable investment and ESG alignment.
Over the course of its lifetime, the strategy will continue to make notable investments in renewables technologies in Europe, USA and Asia.
A robust pipeline is in place including onshore wind assets in the Nordics and innovative co-location of solar PV and BESS projects in Southern Europe, Nuveen said.
Joost Bergsma, global head of energy at Nuveen Infrastructure, said: “Our fourth clean energy investment platform closing at double its previous vintage underscores the building momentum in investor appetite for supporting the clean energy transition and renewables infrastructure across volatile markets.
“The close also demonstrates once again how investors recognise the clear growth potential of clean energy, driven by a need for increased energy security, electrification and environmental security, and supported by the fifteen-year track record of our investment strategies – both as Glennmont Partners from Nuveen and now Nuveen Infrastructure.”
Francesco Cacciabue, global head of clean energy investments at Nuveen Infrastructure, said: “We hope the success of this strategy sends a strong signal to investors that the potential for clean energy investment is growing.
“This significant new pool positions us well to continue our investments across the energy transition, particularly in solar IPP platforms, offshore wind and storage.
“We also look forward to building on our successful investment track record in new markets, by continuing our growth outside of Europe in markets such as the USA, South Korea and Australia.”