LGIM, NTR make EUR-390m first close for European clean power fund

UK-based asset manager Legal & General Investment Management (LGIM) and Dublin-based renewables investor NTR today announced a EUR-390-million (USD 428m) first close for the L&G NTR Clean Power (Europe) Fund.

The fund is aimed at institutional investors, mainly pension funds, insurers and endowments, and targets investments in wind, solar and energy storage assets.

For its first close, the vehicle secured commitments from European asset management, Japanese institutional investors and a UK defined contribution pension scheme, in addition to EUR 50 million of co-investment from Legal & General.

The fund has already acquired its first assets, three Spanish solar projects, which were purchased in January from BayWa r.e.

L&G and NTR’s partnership started in 2015, when L&G became a cornerstone investor in NTR’s first two funds.

“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 NTR chief executive Rosheen McGuckian.

(EUR 1 = USD 1.097)

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