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