Legal and General partners with NTR
British multinational Legal and General has once again partnered with Irish infrastructure group NTR by investing in its renewable energy fund.
NTR plc, formerly part of the National Toll Roads business, has secured commitments of €229 million for a renewable energy fund out of a total target of €500 million.
That target is “likely to be achieved by the end of the current year”, a spokesman said.
The NTR Renewable Energy Income Fund II invests in pre-construction and operational onshore wind and solar projects. Last month the European Investment Bank (EIB) invested €84 million in the fund, representing its first backing for investment through an Irish Collective Asset Management Vehicle (ICAV).
An ICAV is a corporate vehicle designed for Irish investment funds authorised by the Central Bank of Ireland. It is particularly useful for US investors in investment funds as it allows them to be subject to US tax as if they held the underlying assets in the fund directly.
Clean energy strategy
Legal and General intends to match 20 per cent of all funds raised up to €100 million, John Bromley, head of clean energy strategy at Legal and General Capital, said in a statement.
“We believe that a step change is needed in the level of investment in renewable energy, so are pleased to be a cornerstone investor [in NTR’s fund],” he added.
A UK local government pension scheme pool, Brunel Pension Partnership, and Trinity’s endowment fund also invested in the fund.