L&G NTR Clean Power (Europe) Fund acquires 211MW Irish Battery and Solar projects

L&G NTR Clean Power (Europe) Fund acquires 211MW Irish Battery and Solar projects

The acquisition brings the Fund’s total capacity in Ireland to over 326 MW and marks its ninth acquisition

12 February 2025

The L&G NTR Clean Power (Europe) Fund (“the Fund”) today announces the acquisition of Project Monvallet, a Ready-to-Build (“RtB”) solar and Battery Energy Storage System (“BESS”) portfolio, with a combined capacity of over 211 MW. The Fund is a joint partnership between NTR, a leading renewable energy specialist, and L&G’s Asset Management division, a major global investor. The acquisition was completed by NTR on behalf of the Fund.

Situated in county Louth, Ireland, the portfolio has been acquired from Strategic Power Projects Ltd (“SPP”), an established Irish developer of Ready-to-Build projects. Consisting of two special purpose vehicles, Monvallet Solar Ltd and Hazelboro Ltd, they have grid and planning in place, with construction of the solar to commence in 2025 and the BESS in 2026. Hazelboro solar has already secured a contract for difference under the Irish Renewable Electricity Support Scheme (“RESS”) with Monvallet solar targeting a Corporate PPA partner.

Following on from the recent Ballyteige acquisition announcement, this transaction is the Fund’s second solar portfolio in Ireland, and third solar transaction overall. Its RtB status results in a short time to market, benefiting investors as well as advancing Ireland’s adoption of renewable energy sources.

Anthony Doherty, Chief Investment Officer of NTR, commented:

“This is a fantastic co-located solar and BESS project we’re announcing today, in a market we know well and one where we can look to deliver strong results for the Fund’s investors. SPP is a respected developer in the Irish market and we are delighted to be working with them on this portfolio. We are continuously striving to diversify our geographical and technological portfolio to support Europe in its clean energy transition.”  

 Bill Hughes, Global Head of Private Markets, L&G, said:

“We’re thrilled to announce another highly strategic acquisition for the fund. The addition of co-located BESS and solar assets further diversifies both the lifecycle stages and geographical spread of our investments.

“Solar power remains one of the most cost-effective forms of energy generation, and energy storage is crucial for grid management. This acquisition underscores our targeted investment strategy, which focuses on the largest growth areas in the EU’s renewable energy sector.

“The fund is a key part of our growing private markets platform and with a strong pipeline of capital deployment, we will continue to strengthen and diversify our portfolio, seeking to deliver significant growth opportunities for long-term investors looking to tap into Europe’s energy transition.”

Ryan McBirney, Chief Executive, Strategic Power Projects, adds:

“We are delighted to complete on this transaction with NTR, adding to their solar portfolio in Ireland.

“The team at NTR are incredibly professional and experienced in the Irish renewables market and it was a pleasure to deal with them.  We are confident they will bring project Monvallet to energisation effectively and efficiently.

“Strategic Power Projects will continue to build relationships in the industry across Ireland, to develop our pipeline of utility scale Solar and BESS projects which currently has over 1GW in development at various stages.”

The Fund’s legal advisor was DLA Piper with Natural Power providing technical advice.

– ENDS –

Media Enquiries:  

Gilly Lock/ Louisa Henry

Sodali & Co

Telephone: +44 207 100 6451

Email: ntr@sodali.com 

About the L&G NTR Clean Power (Europe Fund):

The L&G NTR Clean Power (Europe) Fund combines the stewardship and institutional network of L&G with the sustainable infrastructure expertise of NTR to tackle the climate emergency. An SFDR Article 9 fund with sustainable goals as its objective, the Fund provides an opportunity for investors to deploy capital into clean energy projects that will drive Europe’s renewable energy transition. The Fund invests in the development, construction and operation of wind, solar and energy storage assets, aiming to offer exposure to a diversified portfolio of proven technologies across a number of European countries.

About NTR Plc:

Established in 1978, NTR is an experienced sustainable infrastructure investor and asset manager driving Europe’s clean energy transition. NTR develops, constructs, and operates renewable energy projects in circa 65 locations across seven European countries, specialising in wind, solar and energy storage. With approximately €1.9 billion of capital deployed, NTR has developed, constructed, and operated over 3.5GW of wind, solar and energy storage projects to date.

NTR’s mission of developing, constructing, and operating sustainable infrastructure in a responsible manner means that we incorporate an ESG mindset into every stage of the business. From initial investment assessment through to operational projects, NTR aims to have a positive impact on the environment and society while maintaining strong governance and risk management oversight.

For more information please visit: www.ntrplc.com

Notes to editors

About Legal & General

Established in 1836, Legal & General is one of the UK’s leading financial services groups and a major global investor, with £1.2 trillion in total assets under management (as at HY24) of which c40% (circa £0.5 trillion) is international.

We have a highly synergistic business model, which continues to drive strong returns. We are a leading international player in Institutional Retirement, in Retail Savings and Protection, and in both public and private markets through our Asset Management division. Across the Group, we are committed to responsible investing and dedicated to serving the long-term savings and investment needs of customers and society.

We are one of Europe’s largest asset managers and a major global investor across public and private markets, with £1.122 trillion in assets under management. Our clients include individual savers, pension scheme members and global institutions, who invest alongside L&G’s own balance sheet. We are present where our clients most need us – from Tokyo, Hong Kong and Singapore, to major European financial hubs, to Chicago – operating under the Legal & General and LGIM brands. Our work is underpinned by our enduring commitment to responsible investment, dedicated to creating long-term, sustainable value for our clients and partners.

About Strategic Power Projects:

Strategic Power Projects is an all-Ireland renewable energy company established to support the ambitious government plans to reduce emissions through the development of large scale Solar PV and Battery Energy Storage Systems.  At Strategic Power Projects we have embraced the advances in Solar & Battery Storage technology to ensure security of renewable energy supply across the island of Ireland.

For more information please visit: https://strategicpower.co/