Nuveen Infrastructure, previously known as Glennmont Partners from Nuveen, has announced the successful final close of its fourth clean energy investment strategy. The strategy has met its target, doubling in size from its previous iteration.
Once fully invested and operational, the clean energy assets are projected to produce enough energy to avoid over 4.6 million tonnes of greenhouse gas emissions annually, according to Nuveen. The strategy's initial investment was acquiring a 50% share in the 900MW German offshore wind farm Borkum Riffgrund 3 from Orsted.
Since then, Nuveen has invested in a variety of development, ready-to-build, and operational assets, including offshore and onshore wind, solar PV, and Battery Energy Storage Systems (BESS). Commitments have come from blue-chip pension funds, insurers, banks, and wealth managers, including Nuveen's parent company, Teachers Insurance and Annuity Association of America (TIAA).
The strategy is categorized as SFDR Article 9, indicating the highest levels of sustainable investment and ESG alignment. Throughout its lifetime, the strategy will continue to invest in renewable technologies across Europe, the USA, and Asia.
Nuveen noted a robust pipeline, including onshore wind assets in the Nordics and innovative co-location projects of solar PV and BESS in Southern Europe.
Joost Bergsma, global head of energy at Nuveen Infrastructure, said: “Our fourth clean energy investment platform closing at double its previous vintage underscores the building momentum in investor appetite for supporting the clean energy transition and renewables infrastructure across volatile markets. The close also demonstrates once again how investors recognize the clear growth potential of clean energy, driven by a need for increased energy security, electrification, and environmental security, and supported by the fifteen-year track record of our investment strategies – both as Glennmont Partners from Nuveen and now Nuveen Infrastructure.”
Francesco Cacciabue, global head of clean energy investments at Nuveen Infrastructure, added: “We hope the success of this strategy sends a strong signal to investors that the potential for clean energy investment is growing. This significant new pool positions us well to continue our investments across the energy transition, particularly in solar IPP platforms, offshore wind, and storage. We also look forward to building on our successful investment track record in new markets, by continuing our growth outside of Europe in markets such as the USA, South Korea, and Australia.”
