Glennmont Partners is launching a renewable €700 million renewable energy strategy in partnership with Dutch financial services firm MN.
The Nuveen European Core Renewable Infrastructure (NECRI) strategy gives Nuveen-owned Glennmont and MN the mandate to invest in renewable projects on brownfield sites across continental Europe from Q4 in 2022.
This includes the Netherlands, the UK, France, Spain, Italy, the Nordics, Germany and Benelux countries.
Underpinning NECRI’s strategy will be investments in technologies such as offshore wind, onshore wind, solar PV, hydro and storage.
The €175 billion asset-strong MN is acting on behalf of its client, Dutch pension fund PMT. PMT is the third-largest in the country, with 34,300 employers and 1.4 million plan participants.
MN, which has previously invested in Glennmont’s strategies, will invest €600 million on behalf of PMT in the fund. TIAA, Nuveen’s parent company, will back the strategy with a €100 million investment.
Joost Bergsma, CEO and co-founder at Glennmont Partners, said: “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.
“As Europe aims to reduce its reliance on foreign fossil fuel imports, we will continue supporting our clients to accelerate the energy transition through their investments.”
It is the second strategy Glennmont is launching as part of Nuveen Infrastructure following their acquisition by Nuveen in early 2021.
Sebastiaan Ranner, principal portfolio manager at MN, added: “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 decarbonisation ambitions.”
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