Glennmont, MN to invest EUR 700m in European renewables

London-based fund manager and clean infrastructure investor Glennmont Partners has tied up with Dutch financial services firm MN to invest EUR 700 million (USD 674.6m) in renewable energy projects on brownfield sites across Europe.

The plan will be realised through the duo’s Nuveen European Core Renewable Infrastructure (NECRI) strategy, Glennmont, which is part of US-based asset management company Nuveen, said last week. The newly-established platform will focus on “proven technologies” such as offshore wind, onshore wind, solar photovoltaic (PV), hydropower and energy storage.

Under the plan, MN will inject EUR 600 million into NECRI on behalf of its client Pensioenfonds Metaal en Techniek, a Dutch pension fund known as PMT. Meanwhile, Nuveen’s parent company TIAA will commit EUR 100 million.

NECRI will start investing in the Netherlands, the UK, France, Spain, Italy, Germany, Nordic and Benelux countries from the fourth quarter of 2022.

“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,” said Joost Bergsma, CEO and co-founder of Glennmont Partners.

(EUR 1.0 = USD 0.964)

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