Ireland's SWF joins Strathclyde in L&G wind-energy fund

The Ireland Strategic Investment Fund and Strathclyde Pension Fund are investing in a wind-energy strategy managed by Legal & General and NTR.

Ireland’s sovereign wealth fund committed €35m to the NTR Wind 1 vehicle, which will build an onshore wind portfolio in the UK and Ireland.

Strathclyde committed €50m.

The fund has closed, with a hard cap of €250m.

Bailie Philip Braat, chair at Strathclyde, said the pension fund had been “steadily increasing” its involvement in renewable energy, with the €50m commitment one its largest investments in wind power.

The commitment was its first major investment in the Irish wind-energy market.

“The assets NTR has, both under construction and in the pipeline, make this a solid opportunity for our members, and, when you look at the money the fund has been able to attract, we feel we are in very good company,” Braat said.

Legal & General Capital recently invested in NTR Wind Management, committing 47.5% of the €250m fund.

NTR has also invested in the fund, with a €50m commitment.

The fund’s total equity and project finance capital requirement amounts to approximately €670m.

A minimum of €80m is targeted to be invested in pre-construction renewable investments in the Irish Single Electricity Market.

The fund will build up to 270MW in capacity.

As reported in January, NTR has invested €62m in four assets ready for construction for the fund.

The assets – in Scotland, Northern Ireland and the Republic of Ireland – will provide a combined 55MW capacity.