Legal & General Capital has invested in NTR Wind Management as it targets an initial €250m ($273m) for its onshore UK and Ireland wind fund.
The investor said it was investing in the NTR subsidiary and would build an onshore wind portfolio through a dedicated fund.
Legal & General has committed up to 47.5% of the €250m fund.
NTR will also invest in the fund, with a €50m commitment.
Legal & General and NTR plan to grow the fund to create a platform for institutional investors with an interest in the clean energy sector.
The fund will build up to 270MW in capacity.
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.
NTR chief executive Rosheen McGuckian said her company had a pipeline of construction-ready onshore wind assets.
In September, its shareholders backed plans to spin out the company’s European wind energy business.
Legal & General has also partnered with NTR to explore clean-energy investments for the company’s wider group, with opportunities for Legal & General Retirement and LGIM clients.
Laura Mason, director of direct investments at Legal & General Capital, said its investment in UK energy infrastructure would focus on wind and solar power.
Legal & General, as a participant the government’s National Infrastructure Plan, is one of six UK insurers committed to investing in local infrastructure, to which it has so far committed £6.6bn.
Aviva, Friends Life, Prudential, Scottish Widows and Standard Life joined Legal & General in a 2013 agreement to invest “at least” £25bn over a five-year period.
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