Glennmont and MN launch €700m evergreen strategy to invest in renewable energy
22 september 2022
Glennmont Partners from Nuveen (“Glennmont”), one of the world’s largest fund managers investing in clean energy, have today announced the launch of their 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 €175bn 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.
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 decarbonization ambitions.”
Joost Bergsma, 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.”
”As Europe aims to reduce its reliance on foreign fossil fuel imports, we will continue supporting our clients to accelerate the energy transition through their investments.”
Metaal en Techniek
Metaal en Techniek is een BPFv met eind Q2 2022 een belegd vermogen van € 78.557 miljoen waarvan 0% herverzekerd en 0% voor risico deelnemer.
Het fonds heeft een deelnemersbestand met in 2021 423.945 actieve bijdragers en 240.866 pensioengerechtigden. De beleggingen voor risico pensioenfonds hadden in Q2 2022 een rendement van -15%.
Eind Q2 2022 had het fonds een beleidsdekkingsgraad van 105.4% terwijl de vereiste dekkingsgraad op dat moment 120.7% bedroeg. De fiduciair manager van het fonds is MN en de pensioenadministratie wordt uitgevoerd door MN.
