The L&G NTR Clean Power Fund has acquired the 105MW Ballydonagh solar project in Co Galway from RES.
The project, which has planning and grid connection in place, is expected to begin construction in 2027 following design optimisation.
The deal is the fund’s tenth acquisition and lifts its Irish portfolio to more than 430MW, within a wider European portfolio exceeding 1.1GW of wind, solar and storage assets.
Anthony Doherty, chief investment officer at NTR, said the project will support Ireland’s carbon reduction targets while delivering long-term value for investors.
Bill Hughes, head of private markets at Legal & General, said the fund is targeting the EU’s largest renewable growth areas through strategic acquisitions.
Lucy Whitford, managing director for UK & Ireland development and construction at RES, said the sale strengthens its relationship with NTR and will contribute to Ireland’s energy security.
The acquisition was completed by NTR on behalf of the joint venture fund, which is managed by L&G’s asset management business and NTR. Pinsent Masons advised on the transaction.