Legal & General and NTR’s European clean power investment strategy has acquired a 105MW Irish solar project.
The L&G NTR Clean Power Europe Fund has invested an unspecified sum to acquire Ballydonagh Solar from RES.
Located in County Galway, the project has secured both grid connection and planning permission and is expected to start construction in 2027 following further design optimisation.
Following two previous Irish solar and Battery Energy Storage System transactions announced this year, the fund’s Irish portfolio has expanded to over 430MW.
Anthony Doherty, CIO of renewable energy specialist NTR, said: “We’re delighted to announce this acquisition in the Irish market, which will play an important role in supporting Ireland’s ambitious carbon-reduction goals.
“With a strong track record in acquiring, developing and optimising energy projects, we are applying that expertise in our home market to deliver long-term value for this fund’s investors.”
Bill Hughes, head of private markets at L&G, said: “The fund is a key part of our growing private-markets platform, and we are continuing to strengthen our portfolio through this latest solar acquisition, in line with our targeted strategy focused on the largest growth areas in the EU’s renewable-energy sector.
“Through strategic acquisitions, we are seeking to deliver significant growth opportunities for long-term investors and accelerate Europe’s energy transition.”
Lucy Whitford, managing director for UK&I for development and construction at RES, said: “We are very pleased to see our longstanding relationship with NTR strengthen further, a true testament to the design and quality of our projects at RES.
“We look forward to continued involvement in the development of the project, which will make an important contribution to improving the security of Ireland’s energy supply.”
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