NTR has secured commitments from investors totalling €229m to fund new renewables investments across Europe.
The Irish investor has already closed €145m of this funding and is almost half-way to an overall target for its second investment fund of €500m.
Legal & General Capital is the “cornerstone investor” and will match 20% of all funds raised up to €100m.
A “step-change” is needed in investment in renewable energy, according to its head of clean energy strategy John Bromley.
The European Investment Bank has committed €84m equity to the fund and £30bn UK local government pension scheme the Brunel Pension Partnership is also on board.
The remaining first close investors include the university endowment fund of Trinity College Dublin and NTR plc.
The fund will invest in pre-construction and operational onshore wind and solar projects across a number of European markets, together with energy storage that is associated with the wind and solar projects owned by the fund.
Several acquisitions totalling 57MW, including two French wind farms, have already been agreed.