The L&G NTR Partnership
Investing in Europe’s energy transition
About the Partnership
Strategic Partnership
L&G and NTR have maintained a strategic partnership since 2015, when L&G recognised NTR's innovative leadership in renewable energy and became a cornerstone investor in NTR's first two funds.
Market Expansion
In 2022, the partnership strategically expanded to jointly promote the third fund to continue to address the critical demand for clean energy and enhanced energy security cross Europe. This collaboration channels institutional capital towards Europe's part of the €1 trillion global market opportunity1 in the energy transition.
Complementary Expertise
The partnership leverages L&G's heritage in private markets and its position as one of Europe’s largest asset managers2 complemented by NTR’s specialised expertise and proven track record as a dedicated clean power asset manager.
Value Proposition
The partnership successfully navigates the complex financial, regulatory, and operational landscape of energy transition projects, aiming to deliver distinctive investment opportunities with attractive risk-adjusted returns for institutional investors.
Investing in clean power
The L&G NTR Clean Power (Europe) Fund
Key facts
- Launched: 2023
- Total commitments: €607m at final close4
- Fund objective: Seeks to offer attractive returns alongside promoting the transition to a low carbon and more sustainable future.
- Portfolio: €385m invested5 in a portfolio of clean power infrastructure assets, providing *diversified exposure through acquisition of assets at different lifecycle stages of development, construction, and operation.
- Eleven assets in six European countries6
- Invested across solar, wind and energy storage systems
- Includes fully operational assets, generating revenues for the portfolio
- Environmental and social impact: Once fully deployed, the portfolio that has already been acquired will produce 1,631 GWh of clean energy – enough to power over 295,000 homes and avoid 187,440 tonnes of CO₂.6
- Fund classification: Article 9 Fund: Under the EU’s Sustainable Finance Disclosure Regulation (SFDR).
Significant acquisitions to date include
The Spanish Solar Project
Representing a €85mn investment in three solar PV assets generating 115MWp, capable of powering 51,500 homes with 70% long-term contracted revenues.7
The Finnish Onshore Wind Farm
An €80mn 87MW project, powering 35,000 homes with two 10-year power purchase agreements covering 52% of generation.8
The Ballyteige Project
Based in Co. Offaly, Ireland, the first of the Fund’s two recent Irish investments will introduce 155MWp of solar and 80MW battery storage, targeting the Irish Renewable Electricity Support Scheme.9
Case studies shown for illustrative purposes only
7. L&G NTR Clean Power Fund completes financing for three Spanish solar projects - NTR
8. L&G NTR Clean Power Fund makes significant windfarm acquisition in Finland - NTR
9. L&G NTR Clean Power Fund acquires 115MW Irish solar project - NTR
Meet the team
David Emes
Head of Infrastructure Capital Raising
Get in touch
Get in touch
If you would like any further information please complete the contact us form.
Sources:
1. ECB as of 2024.
2. L&G's Asset Management business is a major global investor across public and private markets, with £1,118 billion in AUM. L&G's Asset Management business internal data as at 31 December 2024. The AUM disclosed aggregates the assets managed by L&G's asset management divisions in the UK, US and Hong Kong (2018-2019 only), and Singapore from July 2023. Excludes joint ventures and assets managed by associates.
3. Announcement published on the 8th April 2025.
4. €607m has been raised from investors, which includes €584m of commitments to the Fund and €23m in deployed and allocated co-investment capital alongside the Fund.
5. Includes amounts committed to investments but not yet called.
6. NTR internal data as at March 2025.
*It should be noted that diversification is no guarantee against a loss in a declining market.
Issuer
L&G NTR Clean Power (Europe) SCSp RAIF (the "Partnership"), is a reserved alternative investment fund (fonds d’investissement alternatif réservé) pursuant to the RAIF Law in the form of a special limited partnership (société en commandite spéciale) pursuant to the Companies Law. The Partnership is a closed-ended alternative investment fund (fonds d'investissement alternatif). LGIM Managers (Europe) Limited shall act as the external alternative investment fund manager of the Partnership. Legal & General Investment Management Limited shall act as the investment manager of the Partnership to whom the AIFM has delegated the portfolio management function.
Key risks
The value of any investment and any income taken from it is not guaranteed and can go down as well as up, and investors may get back less than the amount originally invested. Please refer to the prospectus of the fund before making any final investment decisions.
While L&G has integrated Environmental, Social, and Governance (ESG) considerations into its investment decision-making and stewardship practices, this does not guarantee the achievement of responsible investing goals within funds that do not include specific ESG goals within their objectives.
L&G accepts no responsibility for the content of any email communication or a website to which a hypertext link from this site exists. The links are provided 'as is' with no warranty, express or implied. This site is aimed at United Kingdom residents only.