The L&G NTR Clean Power (Europe) Fund has acquired Project Monvallet, a ready-to-build (RtB) solar and battery energy storage system (BESS) portfolio, with a combined capacity of over 211MW in Ireland.
The Fund is a joint partnership between NTR and L&G’s Asset Management division, a major global investor.
The acquisition was completed by NTR on behalf of the Fund.
Situated in County Louth, the portfolio has been acquired from Strategic Power Projects (SPP).
Consisting of two special purpose vehicles, Monvallet Solar and Hazelboro, they have grid and planning in place, with construction of the solar to commence in 2025 and the BESS in 2026.
Hazelboro solar has already secured a contract for difference under the Irish Renewable Electricity Support Scheme (RESS) with Monvallet solar targeting a corporate PPA partner.
Following on from the recent Ballyteige acquisition announcement, this transaction is the Fund’s second solar portfolio in Ireland, and third solar transaction overall.
Its RtB status results in a short time to market, benefiting investors as well as advancing Ireland’s adoption of renewable energy sources, it said.
Anthony Doherty, chief investment officer of NTR, said: “This is a fantastic co-located solar and BESS project we’re announcing today, in a market we know well and one where we can look to deliver strong results for the Fund’s investors.
“SPP is a respected developer in the Irish market and we are delighted to be working with them on this portfolio.
“We are continuously striving to diversify our geographical and technological portfolio to support Europe in its clean energy transition.”
Bill Hughes, global head of Private Markets at L&G, said: “We’re thrilled to announce another highly strategic acquisition for the fund.
“The addition of co-located BESS and solar assets further diversifies both the lifecycle stages and geographical spread of our investments.
“Solar power remains one of the most cost-effective forms of energy generation, and energy storage is crucial for grid management.
“This acquisition underscores our targeted investment strategy, which focuses on the largest growth areas in the EU’s renewable energy sector.
“The fund is a key part of our growing private markets platform and with a strong pipeline of capital deployment, we will continue to strengthen and diversify our portfolio, seeking to deliver significant growth opportunities for long-term investors looking to tap into Europe’s energy transition.”
Ryan McBirney, chief executive at Strategic Power Projects, added: “We are delighted to complete on this transaction with NTR, adding to their solar portfolio in Ireland.
“The team at NTR are incredibly professional and experienced in the Irish renewables market and it was a pleasure to deal with them. We are confident they will bring project Monvallet to energisation effectively and efficiently.
“Strategic Power Projects will continue to build relationships in the industry across Ireland, to develop our pipeline of utility scale Solar and BESS projects which currently has over 1GW in development at various stages.”
The Fund’s legal advisor was DLA Piper with Natural Power providing technical advice.