Glennmont starts $698m renewable power fund

Bloomberg

Nuveen’s London-based renewable energy fund manager
Glennmont Partners has raised $698 million to buy green power assets in Europe.
Glennmont’s latest fund comes as the European Union plans to boost construction of clean-power generation to cut its reliance on gas imports amid an energy crisis sparked by Russia’s war in Ukraine. Glennmont will invest in technologies such as wind, solar and hydro that may become increasingly profitable as power prices climb.
Greater volatility in European energy markets and the long-term outlook for renewables are creating an attractive environment to invest in, Glennmont Chief Executive Officer Joost Bergsma said.
“The more wind parks and solar parks can be built, the quicker we can become energy independent,” Bergsma said. “We’re lucky to have this capital available while markets are volatile. In volatile markets there are opportunities.”
The new strategy is backed by 600 million euros from Dutch pension fund investor MN and 100 million euros from Nuveen’s parent, TIAA. Glennmont has already developed a pipeline of potential investments that it will start making within the next six to 12 months, Bergsma said. It’s targeting deals of as much as 150 million euros each in western and northern Europe, the Nordics and the UK.