The L&G NTR Clean Power (Europe) Fund today announces the acquisition of Ballydonagh Solar Limited, a 105MWp solar project, from renewable energy company, RES.
Located in Co. Galway, the project has grid and planning in place and, following further design optimisation, construction is expected to commence in 2027.
The Fund is a joint partnership between NTR, a leading renewable energy specialist, and L&G’s Asset Management business, one of Europe’s largest asset managers. The acquisition was completed by NTR on behalf of the Fund.
Following two previous Irish solar and Battery Energy Storage System (BESS) transactions announced by the Fund earlier this year, the Fund’s Irish portfolio now extends to over 430 MW of a total portfolio of well over 1,100 MW. The Fund now owns a diversified portfolio of development, construction, and operational wind, solar and BESS assets across six European markets.
Anthony Doherty, Chief Investment Officer of NTR, commented:
“We’re delighted to announce this acquisition in the Irish market, which will play an important role in supporting Ireland’s ambitious carbon reduction goals. With a strong track record in acquiring, developing, and optimising energy projects we are applying that expertise in our home market to deliver long term value for this Fund’s investors.”
Bill Hughes, Head of Private Markets, L&G, said:
“The Fund is a key part of our growing Private Markets platform, and we are continuing to strengthen our portfolio through this latest solar acquisition, in line with our targeted strategy focused on the largest growth areas in the EU’s renewable energy sector. Through strategic acquisitions, we are seeking to deliver significant growth opportunities for long-term investors and accelerate Europe’s energy transition.”
Lucy Whitford, Managing Director for UK&I for Development & Construction at RES, said:
“We are very pleased to see our longstanding relationship with NTR strengthen further, a true testament to the design and quality of our projects at RES. We look forward to continued involvement in the development of the project, which will make an important contribution to improving the security of Ireland’s energy supply.”
The Fund was advised by Pinsent Masons.
