“Deploying private capital will be vital to deliver 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.
Announced this week, asset manager and renewable energy specialist NTR successfully raised $427 million in committed capital and co-investment for their L&G NTR Clean Power (Europe) Fund.
Clean Power in Luxembourg
The Luxembourg-based Fund invests in clean power infrastructure assets across the wind, solar, and energy storage, and has already begun deploying capital in support of Europe’s decarbonization and energy security agenda. At the first close, the Fund raised commitments from a range of sources, including European asset management, Japanese institutional investors, and the NatWest Group Retirement Savings Plan.
In addition, Legal & General (L&G) has provided $55 million of co-investment, which is classified as an Article 9 fund under the European Union’s Sustainable Finance Disclosure Regulation. Designed for institutional investors with a focus on pension funds, insurers, and endowments, the Fund offers 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.
A Partnership for a Sustainable Future
The partnership between LGIM and NTR combines the institutional network and scale of one of the world’s largest investment managers with the nimble, specialist expertise of a leading clean energy 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.
Meanwhile, LGIM provides the distribution, stewardship, and investment capabilities to facilitate the vital role that institutional finance is playing in funding clean power generation.
Rosheen McGuckian, CEO of NTR, said, “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. Our ability to acquire early in the life cycle and use innovative engineering to optimize assets, combined with LGIM’s stewardship, unlocks additional value for investors.”
The Fund has already announced its first asset acquisitions – three Spanish pre-operational solar projects from global renewable energy developer BayWa r.e. This is part of a drive to boost energy independence and reduce emissions, as governments across Europe look to accelerate the rollout of clean energy generation technologies and energy efficiency investments.
About LGIM & NTR
L&G and NTR have worked together since 2015 when L&G became a cornerstone investor in NTR’s first two funds. With the first close of the L&G NTR Clean Power (Europe) Fund, the partnership looks forward to updating the market on further acquisitions and fundraising in due course.
Legal & General Investment Management (LGIM)
Founded in 1836, LGIM is a leading asset management company based in the UK, managing investments across a wide range of asset classes for institutional investors, pension funds, and retail investors.
LGIM offers a variety of investment solutions, including index funds, active funds, real estate, fixed income, and multi-asset strategies. The company is known for its responsible investment approach and has been a pioneer in the integration of ESG factors into investment decision-making.
In addition to managing assets, LGIM is also active in promoting sustainable finance and engagement with companies on ESG issues. The company is a signatory to several global initiatives, such as the United Nations Principles for Responsible Investment (UNPRI) and the Task Force on Climate-related Financial Disclosures (TCFD).
NTR plc is an international renewable energy and sustainable infrastructure company headquartered in Dublin, Ireland. The company was founded in 1978 and has since grown to become a leading developer and operator of wind, solar, and energy storage projects across Europe and the United States.
With a mission to accelerate the transition to a low-carbon economy by developing and investing in sustainable infrastructure projects, the company has a strong track record of delivering high-quality projects that provide clean, reliable energy to communities around the world.
In addition to its renewable energy business, NTR also has a growing presence in the sustainable waste management sector through its subsidiary, Greenstar. Greenstar provides a range of waste management services, including recycling, composting, and energy recovery, to businesses and local authorities across Ireland.