PMT, the Dutch pension fund for workers in the metal industry, is investing €600m in core renewable infrastructure assets in Europe via a new partnership with Glennmont Partners.
Glennmont, an infrastructure manager owned by Nuveen, said it has launched the Nuveen European Core Renewable Infrastructure (NECRI) strategy in partnership with PMT’s investment manager MN.
In addition to the €600m being invested by MN, the newly created evergreen strategy will also be backed by Nuveen’s parent company TIAA with a €100m investment.
NECRI will invest in renewable projects such as offshore wind, onshore wind, solar, hydro and storage on brownfield sites across continental Europe.
Joost Bergsma, the CEO and co-founder at Glennmont Partners from Nuveen, said: “We are delighted to be working with MN again for the launch of our first evergreen strategy. 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. We look forward to welcoming additional investors into this evergreen strategy, as soon as we have deployed the commitments from MN and TIAA.”
Sebastiaan Ranner, principal portfolio manager at MN, said: “The launch of NECRI to invest in renewable projects across Europe is a significant milestone for MN and its partnership with Glennmont, who have a strong track record in clean energy investment.
“Sizeable investments in clean energy are important as the negative effects of climate change are getting worse by the day. The new commitment from our client PMT puts deed to its decarbonisation ambitions.”
To read the latest edition of the latest IPE Real Assets magazine click here.