Glennmont Partners, an infrastructure manager owned by Nuveen, has raised €250m for a second energy transition credit fund.
Glennmont said it has launched Energy Transition Enhanced Credit II (ETEC II) to invest in renewable energy and sustainable infrastructure assets.
Glennmont’s predecessor vehicle, a €200m energy transition credit strategy, has exposure to over 150 renewable energy loans, the manager said.
ETEC II will seek to capitalise on growing opportunities to support the green energy and infrastructure transition, Glennmont said, adding that the fund also aims to boost the deployment of renewable technologies including both onshore and offshore wind as well as solar energy.
Scott Lawrence, partner at Glennmont Partners from Nuveen Infrastructure, said: “Despite total energy transition financing exceeding €550bn in Western Europe between 2010 and 2020 the G20 expects total investment capital across public and private infrastructure will need to reach €5trn between 2021 and 2030.
“The outlook for energy-related assets remains strong as inflation, primarily caused by rising energy prices, appears to be persistent, which is pivotal in indicating a more positive future for borrowers in the energy sector.”
Claudio Vescovo, fund manager at Glennmont Partners from Nuveen Infrastructure, said: “We are pleased to be offering investors the chance to close the green energy gap whilst also providing diversified yields that are positively benefitted by inflation.”
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