Dutch fiduciary manager MN is investing €600 million ($601 million) in Nuveen European Core Renewable Infrastructure, a European core renewable infrastructure strategy, in partnership with Glennmont Partners from Nuveen.
MN, based in The Hague, Netherlands, manages €175 billion for nine Dutch pension funds. The investment with Glennmont Partners is on behalf of Pensioenfonds Metaal & Techniek, PMT, The Hague, the largest Dutch pension fund for private sector workers.
MN's investment is the bulk of the €700 million launch of the renewable energy partnership with Glennmont, a large European specialist renewable energy fund manager with approximately €2 billion invested in over 30 clean power projects. Nuveen acquired Glennmont Partners in March 2021.
TIAA, Nuveen's parent company, is backing the strategy with a €100 million investment. It is the second strategy Glennmont has launched as part of Nuveen Infrastructure, since the 2021 acquisition.
The Nuveen European Core Renewable Infrastructure strategy gives Glennmont and MN the mandate to invest in renewable projects on brownfield sites across continental Europe, beginning in the fourth quarter of 2022. Investments will be made in countries including the Netherlands, the U.K., France, Spain, Italy, the Nordics, Germany and the other Benelux countries, the joint release said.
PMT has already invested €382 million in renewable energy infrastructure funds, including the Glennmont Clean Energy Fund Europe III in 2019, MN spokesman Ruben Munsterman said in an email. MN also started a program this year to engage with all of the oil and gas companies in PMT's portfolio to persuade them to align their strategies with the Paris Agreement, Mr. Munsterman said.
In a separate release, PMT executive Terry Troost said: "We see a lot of economic opportunities in the growing renewable energy sector. The employers affiliated with us are already working on or contribute to the energy transition."
