L&G and NTR have secured €330 million of commitments for the first close of the L&G NTR Clean Power Transition IV Fund, backed by four returning cornerstone investors. The fund will invest in clean power and the electrification infrastructure that supports it, and its first three acquisitions include a 138MWp solar and storage project in County Kildare.

L&G is a London-listed financial services group that reported core operating profit of £1,623 million for 2025 and manages £1.2 trillion of assets. NTR is the Irish clean energy investment and asset management specialist that L&G has backed as a cornerstone investor since 2015. The new fund follows L&G NTR Clean Power (Europe) Fund III, which reached final close in March 2025 having raised more than €640 million.

The structural driver is electrification. The fund’s managers estimate that around €660 billion of capital is needed each year across clean power generation, grids and demand-side investment to meet the proposed EU goal of electrifying 46% of energy consumption by 2040, which they see as an opportunity for private capital with specialist expertise.

The three acquisitions total roughly 1.5GW of clean power and grid support capacity across three markets, with battery storage featuring in each. They are a ready-to-build 125MW and 250MWh battery in Tornio, Finland, due to start construction in 2026 and operate in 2027, a development platform in Sweden of more than 1GW of projects, and the Swordlestown project in County Kildare, which combines 138MWp of solar with a 200MW and 400MWh battery.

Rosheen McGuckian, chief executive of NTR, said “electrification is an integral part of the solution to drive the clean energy transition across our European markets.” She added that decarbonising transport, heat and industry “will require continued investment in clean power generation alongside the storage, grid and connection infrastructure that enables it.”

Heather Mulahasani, managing director of real assets in asset management at L&G, said there is “no shortage of demand for clean power infrastructure,” and that the second joint fund evolves the clean power strategy.

For the sector, the first close shows institutional investors returning to Irish-led clean power strategies that pair generation with the storage and grid assets electrification requires.

Source: legalandgeneral.com / investegate.co.uk