Legal & General and renewable energy specialist NTR have raised over €600m for their European clean power investment strategy.
L&G and NTR raised €607m for the L&G NTR Clean Power Europe Fund, which includes €23m in co-investment capital that has been deployed or allocated alongside the fund.
The pair said the fundraising was backed by 13 institutional investors from Europe and Japan, including pension funds, insurers, sovereign wealth funds, banks, fund managers, endowments and foundations.
The fund invests in clean power infrastructure assets at various life-cycle stages in Europe, with six of its 11 assets currently generating revenue, the companies have said. The fund’s current investments include wind, solar and battery energy-storage projects.
NTR acts as the fund’s asset manager with L&G as fund manager. The pair’s relationship started back in 2015 when L&G became a cornerstone investor in NTR’s first two funds.
Bill Hughes, global head of private markets at L&G, said: “The successful final close of the fund reflects an increasing acknowledgement that private markets investments can offer not only strong returns, but also avenues for institutional investors to address major social & environmental challenges, without compromising on their commercial objectives.
“By leveraging L&G’s investment expertise and NTR’s sector knowledge, we are well-positioned to continue delivering long-term value for our investors and to further our commitment to supporting Europe’s energy transition.”
Rosheen McGuckian, CEO of NTR, said: “We are delighted to have already put almost 70% of the fund to work across 1GW of wind, solar and energy storage assets, generating attractive returns for our investors.
“By locating opportunities at the different stages of the asset life cycle, we are creating a portfolio that is both yielding from an early stage in the fund as well as seeking capital growth as newly built assets come onstream.”
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