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Fund Solutions

LGIM, NTR Raise €390 Million for Clean Power Fund

Legal & General Investment Management (LGIM) and renewable energy specialist NTR have raised €390m (US$435m) for the L&G NTR Clean Power (Europe) Fund. The Luxembourg-based fund invests in clean energy infrastructure assets across wind, solar and energy storage to support Europe’s decarbonisation and energy security agenda. The fund, which is classified as an Article 9 fund under the EU’s Sustainable Finance Disclosure Regulation, aims to appeal to institutional investors including pension funds, insurers and endowments. In addition to €50 million of co-investment from LGIM, the fund has received commitments from European asset management firms, Japanese institutional investors and the NatWest Group Retirement Savings Plan. The fund has already started to invest in support of Europe’s clean energy rollout, acquiring three Spanish pre-operational solar projects from BayWa Renewable Energy. NTR sources the pipeline of assets for the fund, as well as providing expertise in construction and asset management of clean energy infrastructure. LGIM brings its investment capabilities and distribution network to facilitate institutional finance for clean power generation. Bill Hughes, Global Head of Real Assets at LGIM, said: “Deploying private capital will be vital to deliver the pipeline of assets we need to reach net zero – this partnership aims to do just that, filling the funding gap and accelerating the construction and operation of clean power infrastructure.” 

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