Glennmont Partners has teamed up with MN to launch a £611m (€700m) strategy to invest in renewable projects across brownfield sites in Europe.
The Nuveen European Core Renewable Infrastructure (NECRI) strategy will begin targeting projects in the fourth quarter this year, including the UK alongside other countries such as Italy, Germany, Netherlands and the Nordics.
NECRI invest in proven technologies such as offshore wind, onshore wind, solar PV, hydro and storage.
MN is one of the biggest asset managers of Dutch pension funds, and has previously backed Glennmont’s strategies.
It will invest €600m on behalf of its client PMT in the NECRI fund.
Glennmont is both one of Europe’s largest fund managers investing in clean energy, and is part of Nuveen.
TIAA, Nuveen’s parent company, will provide alignment with clients by backing the strategy with a €100m investment.
It is also the second strategy Glennmont is launching as part of Nuveen Infrastructure, following their acquisition by Nuveen in early 2021.
The new strategy combines Glennmont’s 15-year track record of investing in renewable energy and MN’s experience in asset management and socially responsible investment, with the group responsible for €175bn of assets currently under management.
Sebastiaan Ranner, principal portfolio manager at MN, said: “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.”
Joost Bergsma, chief executive and co-founder at Glennmont Partners from Nuveen, added: “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.”