LGIM, NTR Raise EUR390 Million for Renewables Expansion in Europe

• The objective is to invest in clean power infrastructure assets throughout wind, solar and power storage.
• The finances have actually been raised for the L&G NTR Clean Power Fund.

UK-based asset manager Legal & General Investment Management (LGIM) and also renewable energy player NTR have actually raised EUR 390 million in dedicated capital as well as co-investment chance in the first close of the L&G NTR Clean Power Fund. This Fund would certainly invest in clean power infrastructure assets throughout wind, solar and energy storage.

The Fund is created for institutional investors with a focus on pension plan funds, insurers and endowments. At first close, the Fund has actually raised dedications from a variety of sources. LGIM said that this is in enhancement to EUR50 numerous co-investment from Legal & General (L&G).

In a drive to boost energy independence and lower emissions, governments throughout Europe are looking to speed up the rollout of clean power generation technologies and also power effectiveness investments-- every one of which require significant investment and asset production. LGIM held that the Fund has actually currently begun to deploy capital in support of this programme, revealing its first asset procurements in January 2023-- 3 Spanish pre-operational solar projects from global renewable resource programmer BayWa r.e

As the asset supervisor, NTR sources the pipe of assets for the Fund to buy, along with using its construction and asset management expertise throughout the life cycle of clean power infrastructure. As fund supervisor, LGIM gives the scale of its circulation, stewardship and also investment capabilities to facilitate the vital function that institutional finance is playing in moneying clean power generation.

Bill Hughes, Global Head of Real Assets at LGIM, stated, "Deploying exclusive capital will be vital to provide the pipeline of assets we require to get to net zero-- this partnership aims to do simply that, filling the funding gap as well as increasing the construction as well as operation of clean power infrastructure."

Rosheen McGuckian, Chief Executive Officer of NTR, stated on the LGIM led fund, "The Fund aims to offer direct exposure to a portfolio of assets across the complete lifecycle of clean power projects in Europe, giving diversification across innovations, governing regimes and also environment profiles."

Europe wishes to contend the very least 40% of the power mix as renewable resource by the end of this decade to avert the vagaries of climate modification and also minimize dependence of Russian fossil fuel products.