Glennmont and MN establish €700M strategy to invest in renewables

Nuveen European Core Renewable Infrastructure (NECRI) is a new renewable energy investment strategy established by Glennmont Partners and MN, one of the largest pension administrators and asset managers in the Netherlands.

From the fourth quarter of 2022 forward, NECRI will offer Glennmont and MN the green light to invest in renewable projects on brownfield sites all around continental Europe. That’s the Benelux nations plus the United Kingdom, France, Spain, Italy, the Nordics, Germany, and the rest of the gang.

MN, an existing investor in Glennmont’s initiatives, will put €600 million into NECRI on behalf of its customer PMT. With a €100 million investment, Nuveen’s parent firm TIAA will ensure client alignment. After being acquired by Nuveen in early 2021, this is the second plan Glennmont will roll out as a part of Nuveen Infrastructure.

The new approach brings together Glennmont’s 15 years of expertise investing in renewable energy with MN’s extensive background in asset management and socially responsible investment and their present €175bn in assets under management. This knowledge will be put to use by NECRI as it seeks for and funds promising renewable energy technologies including offshore wind, onshore wind, solar PV, hydro, and storage.

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