L&G NTR Clean Power Fund acquires 115MW Irish solar project

L&G NTR Clean Power Fund acquires 115MW Irish solar project

The project secures further geographic diversification for the Fund and marks its eighth acquisition

27 January 2025

The L&G NTR Clean Power (Europe) Fund has announced its acquisition of Ballyteige Solar Limited, a 115MWp solar project from renewable energy company RES.  Located in Co. Offaly, the project has grid and planning in place and, following further design optimisation, construction is expected to commence in 2027. 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.

The acquisition further diversifies the Fund’s portfolio, establishing a presence in the Irish Solar market, one of the European markets where NTR is highly experienced. The Fund currently holds a mix of development, construction, and operational wind, solar and Battery Energy Storage System (BESS) assets across six European markets.

Anthony Doherty, Chief Investment Officer of NTR, commented:

“We are pleased to announce this acquisition in the Irish market, which will contribute to Ireland’s ambitious carbon reduction targets. We are known for our experience in acquiring, building and optimising projects, all of which will be brought to making this project, in our home market, deliver for the Fund’s investors.”

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

“We’re excited to be able to announce this latest addition to the Fund’s portfolio, reflecting our continued success in strategic capital deployment. This new inclusion provides our clients with a broader exposure to clean power assets, investing in sustainable infrastructure that could help drive Europe’s decarbonisation.”

Lucy Whitford, Managing Director for UK & Ireland at RES, adds:

“RES has been developing, constructing, and operating renewable energy projects across the island of Ireland since the early 1990s and we’re committed to playing an active part in the country’s energy future. This successful transaction builds on our longstanding relationship with NTR and ensures our projects contribute to decarbonising the energy system at least cost to the consumer. “

The Fund was advised by DLA Piper.

– 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 60 locations across seven European countries, specialising in wind, solar and energy storage. With approximately €1.8 billion of capital deployed, NTR has developed, constructed, and operated over 3GW 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

About Legal & General:

Established in 1836, Legal & General is one of the UK’s leading financial services groups and a major global investor, with £1.122 trillion in total assets under management (as at HY24) of which c.40% (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.

 About RES:

RES is the world’s largest independent renewable energy company, working across 24 countries and active in wind, solar, energy storage, green hydrogen, transmission, and distribution. An industry innovator for over 40 years, RES has developed more than 27GW of renewable energy projects across the globe and plans to bring more than 22GW of new capacity online in the next five years.

As a service provider, RES has the skills and experience in asset management, operations, and maintenance (O&M), and spare parts – supporting 41GW of renewable assets across 1,300 sites. RES brings to the market a range of purposeful, practical technology-based products and digital solutions designed to maximise investment and deployment of renewable energy.

RES is the power behind a clean energy future where everyone has access to affordable zero carbon energy bringing together global experience, passion, and the innovation of its 4,500 people to transform the way energy is generated, stored, and supplied. Visit: www.res-group.com