Business Irish

Saturday 25 May 2019

NTR secures €229m for its second renewable energy income fund

Entering production: the Bricqueville wind farm in Normandy which NTR has acquired from RES Group
Entering production: the Bricqueville wind farm in Normandy which NTR has acquired from RES Group
Ellie Donnelly

Ellie Donnelly

NTR plc has attracted commitments of €229m for the NTR Renewable Energy Income Fund II.

The fund is targeting €500m.

It will invest in both pre-construction and operational onshore wind and solar projects across across a number of European markets.

Legal & General Capital has joined as a cornerstone investor in an NTR fund for the second time. 

"We believe that a step-change is needed in the level of investment in renewable energy, so are pleased to be a cornerstone investor in the NTR Renewable Energy Income Fund II," John Bromley, head of clean energy strategy at Legal & General Capital, said.

"Legal & General Capital will match 20pc of all funds raised, up to €100m, in the NTR fund, which is primarily focused on new-build wind and solar renewables."

The world's largest international financier for renewable energy, the European Investment Bank (EIB) is also investing up to €84m equity in the fund to support NTR's long-term investment in European renewables. This represents its first ever backing for investment through an Irish Collective Asset-management Vehicle or ICAV.

Meanwhile, another first close investor in the fund is the Brunel Pension Partnership, a UK local government pension scheme pool.

NTR has already made the first three acquisitions for the fund, providing a combined capacity of 57MW of clean energy.  These include two wind farms in France and a portfolio of nine solar projects in the UK.

The fund has an active pipeline of further investments across its target European markets.

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