NTR has secured commitments of up to €229m for its NTR Renewable Energy Income Fund II, which will be used for funding renewable projects across Europe.
Out of the €229m, NTR Renewable Energy Income Fund II, has secured €149m in the first close. The fund aims to attract €500m, which it will invest in both pre-construction and operational onshore wind and solar projects across several European markets, together with energy storage that is associated with the wind and solar projects owned by the fund.
Legal & General Capital has joined as a cornerstone investor in an NTR fund for the second time.
Legal & General Capital clean energy strategy head John Bromley said: “We are investing our patient capital in businesses, innovative technology and infrastructure that will help deliver clean and affordable energy to the UK, benefitting our society, economy and environment for the long-term.”
European Investment Bank (EIB) is also investing up to €84m in the fund, which has been guaranteed by the European Fund for Strategic Investments or Juncker Plan. This is claimed to be first investment backing through an Irish Collective Asset-management Vehicle or ICAV.
Brunel Pension Partnership, a UK Local Government Pension Scheme Pool, is another first close investor in the fund. NTR fund is one of the first funds that Brunel has invested since its formation in 2017.
Brunel Pension Partnership private markets head Richard Fanshawe said: “Brunel is pleased to be backing NTR’s experienced and capable team to deliver a portfolio of predominantly greenfield renewable energy generation assets in Western Europe.
“This fund is a good fit with both our clients’ return expectations from infrastructure, but also their combined commitment to be responsible, long-term owners of sustainable investments.”
Last month, NTR had acquired two wind farms in France with a capacity of together comprising just under 20MW. These include 8.8MW Bricqueville project from RES and 10.2MW Saint-Pierre-de-Juillers wind project from BayWa.
The 8.8MW wind farm is expected to generate enough electricity to power 4,000 homes and the 10.2MW wind farm generates power sufficient for 7,000 homes.