January 3 (Renewables Now) - Irish green asset manager NTR Plc announced today that its second renewable energy income fund has attracted commitments of EUR 229 million (USD 261m), including EUR 145 million that have been secured for its first close.
The so-called NTR Renewable Energy Income Fund II is targeting a total of EUR 500 million, with a plan to invest in both pre-construction and operational onshore wind and solar projects as well as energy storage facilities across several markets in Europe.
Legal & General Capital, which is the principal investment arm of Legal & General Group Plc (LON:LGEN), has emerged as a cornerstone investor in the fund.
“Legal & General Capital will match 20% of all funds raised, up to EUR 100 million, in the NTR fund, which is primarily focused on new-build wind and solar renewables,” said John Bromley, Head of Clean Energy Strategy at Legal & General Capital.
At the same time, the European Investment Bank (EIB) is investing up to EUR 84 million in equity. The Brunel Pension Partnership and the university endowment fund of Trinity College Dublin are the remaining first close investors in addition to NTR itself.
NTR said that the fund has already made three acquisitions. It has bought two wind farms in France and a portfolio of nine solar assets in the UK. These facilities have a combined capacity of 57 MW.
(EUR 1.0 = USD 1.140)