Renewable energy investor NTR fund raises €390 million with LGIM

The fund made its first asset acquisitions in January 2023 from the renewable energy arm of German industrial conglomerate Baywa Group. Image: BayWa r.e..

Renewable energy infrastructure investor NTR has raised €390 million (US$426.5 million) in the first close of a fund with UK financial services groups Legal & General’s (L&G) investment arm Legal & General Investment Management (LGIM). 

The L&G NTR Clean Power (Europe) Fund invests in clean power infrastructure assets across wind, solar and energy storage, and is designed for institutional investors with a focus on pension funds, insurers and endowments. The fund has already started to deploy capital in support of this programme, including its first asset acquisitions in January 2023 from the renewable energy arm of German industrial conglomerate Baywa Group. 

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

The fund acquired three solar plants in Spain with a total capacity of 115MW. The projects are located in the regions of Castile la Mancha and Andalusia and are expected to be operational in 2023.

Several long-term power purchase agreements (PPAs) have been signed with food giant Nestlé for 62GWh of solar energy per year, a ten-year virtual PPA with Finnish packaging company Huhtamaki, and a 10-year PPA with Spanish renewable energy provider Holaluz.

“Deploying private capital will be vital to delivering the pipeline of assets we need to reach net zero – this partnership aims to do just that, filling the funding gap and accelerating the construction and operation of clean power infrastructure,” said Bill Hughes, global head of real assets at LGIM. 

The fund has raised commitments from multiple sources, including Japanese institutional investors and the NatWest Group’s retirement savings plan. This is in addition to €50 million of co-investment from L&G. 

LGIM has collaborated with NTR since 2015, while L&G became a cornerstone investor in NTR’s first two funds. As the asset manager, NTR sources the pipeline of assets for the fund to invest in and applies its construction and asset management expertise across the life cycle of clean energy infrastructure.

“The fund aims to offer exposure to a portfolio of assets across the full lifecycle of clean power projects in Europe, providing diversification across technologies, regulatory regimes and climate profiles,” said Rosheen McGuckian, CEO of NTR. 

Read Next

May 29, 2024
US renewable developer Origis Energy has commissioned a 150MW solar-plus-storage project in the US state of Mississippi.
May 28, 2024
BayWa r.e. has commissioned its first agriPV project in Spain, and has signed a power purchase agreement (PPA) with the Velux Group.
May 28, 2024
Google has signed virtual power purchase agreements (PPAs) with two Japanese companies to build 60MW of new solar capacity in Japan.
May 23, 2024
The global power price agreement (PPA) market has become a buyer’s market, according to speakers at the Renewable Energy Revenues Summit.
May 22, 2024
Fluctuations in the price of power should not dissuade investment in renewable power projects, according to speakers at this morning's event.
May 16, 2024
DE Shaw Renewable Investments has launched commercial operations at its 80MW Elektron solar project in the US state of Utah.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
July 31, 2024
1:00 PM (BST) / 2:00PM (CEST)
Solar Media Events
September 24, 2024
Warsaw, Poland
Solar Media Events
September 24, 2024
Singapore, Asia
Solar Media Events
October 8, 2024
San Francisco Bay Area, USA