A fund managed by Legal & General and NTR’s European clean power investment strategy has invested in a UK solar and battery energy storage system (BESS) project.
The L&G NTR Clean Power Europe Fund III has invested in Fair Oaks Renewable Energy Park, the ready-to-build solar and BESS project in Nottinghamshire.
As part of the deal, Ridge Clean Energy, the developer of Fair Oaks, will team up with the L&G NTR Clean Power Europe Fund to deliver the next phase of the project and support the local community.
Construction is scheduled to begin in 2026, with the project targeting a commercial operations date of early 2028.
The Fair Oaks project, which comprises 75.4MWp of solar photovoltaic and a 49.9MW/99.8MWh BESS, has a grid connection offer and planning consent in place and has secured a contract for difference.
Anthony Doherty, CIO of NTR, said: “Fair Oaks is particularly attractive as a hybrid solar and BESS asset that can play a critical role in both stabilising the grid and accelerating the transition to reliable, clean energy.
“We are delighted to have established this relationship with Ridge Clean Energy who take the same sustainable perspective as us in developing quality projects that support Europe’s clean energy transition.”
Michael Barrie, head of real estate and infrastructure for private markets at L&G, said: “As the fund’s second investment in the UK, following existing offshore wind exposure, Fair Oaks adds to its diversified presence in the European market.
“Through this acquisition, we are continuing to support energy stability and security alongside delivering growth opportunities for long-term investors.”
Marjorie Neasham Glasgow, CEO of Ridge Clean Energy, said: “Ridge is proud to work with NTR to deliver the next phase of Fair Oaks, which will create meaningful local benefits and help landowners make the most of their resources.
“Both NTR and L&G have an established reputation for long-term commitment to the UK and for prioritising local stakeholders. This approach aligns with Ridge’s perspective that we are best-placed to achieve the government’s 2030 goals if we deliver long-term value to the local area, and we look forward to working together.”
To read the latest IPE Real Assets magazine click here.
