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Glennmont and MN launch €700m evergreen strategy to invest in renewable energy

Glennmont Partners from Nuveen (Glennmont), one of the world’s largest fund managers investing in clean energy, has launched the Nuveen European Core Renewable Infrastructure (NECRI) strategy in partnership with MN.

NECRI is an evergreen strategy that gives Glennmont and MN (on behalf of its client PMT) the mandate to invest in renewable projects on brownfield sites across continental Europe from Q4 in 2022. This includes the Netherlands, the UK, France, Spain, Italy, the Nordics, Germany and the other Benelux countries.

MN, who have previously invested in Glennmont’s strategies, will invest €600 million on behalf of its client PMT in NECRI. TIAA, Nuveen’s parent company, will provide alignment with clients by backing the strategy with a €100 million investment. It is also the second strategy Glennmont is launching as part of Nuveen Infrastructure, following their acquisition by Nuveen in early 2021.

The new strategy combines Glennmont’s 15-year track record of investing in renewable energy, with MN’s considerable experience in asset management and socially responsible investment, who have €175 billion of assets currently under management. NECRI will use this expertise to identify and invest in proven technologies such as offshore wind, onshore wind, solar PV, hydro and storage.

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