The L&G NTR Clean Power (Europe) Fund has acquired a 115MW Irish solar project from renewables company RES.
The project, Ballyteige Solar Limited, is located in Co Offaly and already has grid and planning in place, with construction expected to start in 2027.
The Fund is a joint partnership between renewable energy company NTR, and global investor L&G’s Asset Management division.
The acquisition was completed by NTR on behalf of the Fund, which currently holds a mix of development, construction, and operational wind, solar and Battery Energy Storage System (BESS) assets across six European markets.
NTR’s chief investment officer Anthony Doherty said: “We are pleased to announce this acquisition in the Irish market, which will contribute to Ireland’s ambitious carbon reduction targets.
“We are known for our experience in acquiring, building and optimising projects, all of which will be brought to making this project, in our home market, deliver for the Fund’s investors.”
Global head of private markets and asset management at L&G Bill Hughes said: “We’re excited to be able to announce this latest addition to the Fund’s portfolio, reflecting our continued success in strategic capital deployment.
“This new inclusion provides our clients with a broader exposure to clean power assets, investing in sustainable infrastructure that could help drive Europe’s decarbonisation.”
RES UK and Ireland managing director Lucy Whitford also welcomed the transaction.
She said: “This successful transaction builds on our longstanding relationship with NTR and ensures our projects contribute to decarbonising the energy system at least cost to the consumer.”