Glennmont and MN launch 700 ME “evergreen” investment strategy in renewable energy

Glennmont Partners, a subsidiary of Nuveen (“Glennmont”), one of the world’s largest private equity fund managers investing in clean energy, today announced the launch of its Nuveen Central European Renewable Infrastructure (NECRI) investment strategy. in association with MN.

The NECRI evergreen investment strategy authorizes Glennmont and MN (on behalf of its client PMT) to invest in brownfield renewable energy projects across the European continent from the fourth quarter of 2022. The countries concerned are the Netherlands, the United Kingdom, France, Spain, Italy, the Scandinavian countries, Germany, Belgium and Luxembourg.
MN, which has been involved in Glennmont’s strategies in the past, will invest €600 million in NECRI on behalf of its client PMT.
TIAA, the parent company of Nuveen, will reinforce the strategy with an investment of EUR100m. This is the second strategy launched by Glennmont as part of Nuveen Infrastructure, following its acquisition by Nuveen in early 2021.

new strategy

The new strategy combines Glennmont’s 15 years of investment in renewable energy with the extensive experience of MN, which currently manages €175 billion in assets, in asset management and responsible investment. NECRI will use this experience to identify and invest in proven technologies, including offshore and onshore wind, photovoltaics, hydroelectricity and energy storage.

Joost Bergsma, CEO and co-founder of Glennmont Partners, confirms that he is “delighted to be able to work with MN again for the launch of our first evergreen strategy. This demonstrates Glennmont’s ability to meet the needs of diverse investors with innovative and environmentally friendly solutions.” “. investment products and options. This strategy will also allow us, for the first time, to leverage the operational expertise of our team to maximize the full lifecycle of existing clean energy assets. We are delighted to welcome new investors into this perennial strategy soon, as soon as MN and TIIA funding rolls out.
As Europe looks to reduce its dependence on fossil fuel imports from abroad, we will continue to help our customers accelerate their energy transition through our investments.”

Sebastiaan Ranner, MN’s Chief Portfolio Manager, adds that “NECRI’s launch will allow us to invest in renewable energy projects across Europe and represents an important step for MN and its partnership with Glennmont, who have great successes to their credit in terms of of investment in clean energy. Significant investments in clean energy are necessary to counteract the negative effects of global warming, which are getting worse every day. This new commitment from our client PMT comes to achieve its decarbonisation ambitions”.

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