Le­gal and Gen­eral part­ners with NTR

The Irish Times - Business - - BUSINESS NEWS - PETER HAMIL­TON

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.

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