Glennmont Partners from Nuveen and MN have launched a €700 million ($699 million) evergreen strategy to invest in renewable energy
The Nuveen European Core Renewable Infrastructure (NECRI) strategy gives Glennmont and MN (on behalf of its client PMT) the mandate to invest in renewable projects on brownfield sites across continental Europe from fourth quarter 2022. The sites will be located in the Netherlands, the United Kingdom, France, Spain, Italy, the Nordics, Germany and the other Benelux countries.
NECRI will identify and invest in proven technologies such as offshore wind, onshore wind, solar PV, hydro and storage.
MN will contribute €600 million ($599 million) while TIAA, Nuveen’s parent company, will back the strategy with a €100 million ($99.9 million) investment.
This is the second strategy Glennmont is launching as part of Nuveen Infrastructure, following Nuveen’s