Nuveen Infrastructure’s partnership with PMT’s investment manager MN has acquired a 15% stake in Borssele III & IV offshore wind farm from Partners Group.
The Nuveen European Core Renewable Infrastructure (NECRI) strategy has invested an undisclosed sum to buy the stake in the 731.5MW wind project located offshore in the Zeeland province in the Netherlands.
Partners Group, on behalf of its clients, acquired a 45% stake in Borssele III & IV in June 2018. In September last year, the group agreed to sell a 20% stake in the offshore wind farm to Swiss Life Asset Managers for an undisclosed sum.
The Dutch offshore wind farm’s other shareholders are energy and petrochemical company Shell, Dutch utility Eneco, Japanese energy firm Inpex and renewables investor Luxcara.
Borssele began operations in 2021. The fully operational offshore wind park, which benefits from a feed-in premium regime, is located 55km from the Port of Vlissingen.
Nuveen said the investment in Borssele III & IV is NECRI’s second investment, following the strategy’s launch. In September last year, Glennmont Partners, an infrastructure manager owned by Nuveen, launched the NECRI strategy in partnership with MN which is investing €600m on behalf of PMT, the Dutch pension fund for workers in the metal industry. In addition to the €600m being invested by MN, the evergreen strategy was also backed by Nuveen’s parent company TIAA with a €100m investment.
NECRI invests in renewable projects such as offshore wind, onshore wind, solar, hydro and storage on brownfield sites across continental Europe.
Joost Bergsma, CEO at Glennmont Partners, said: “The Dutch offshore wind market is a key target region for our business and Borssele III/IV fits well with our brownfield renewable infrastructure investment strategy. Partners Group have extensive experience in the renewable-energy sector globally and we’re proud to work with them on this deal.
“We look forward to continuing the strategy, in partnership with MN, building on this success and seizing on investment opportunities across Europe.”
Sebastiaan Ranner, principal portfolio manager at MN, said: “The investment in Borssele III & IV aligns perfectly with the fund’s strategy, delivering both promising returns and supporting our client PMT’s commitment to advancing the energy transition. Wind farms such as Borssele are crucial operating assets that meet the growing demand for renewable energy in the Netherlands.”
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