The Legal & General (L&G) NTR Clean Power Fund has a ready-made solar and battery energy storage system (BESS) portfolio of Strategic Power Projects (SPP).
The portfolio, known as the Monvallet project, consists of a PV energy center on solar energy and a Bess proposal with a combined capacity of 211 MW. Both projects have been received a building permit and are considered to be ready for swimming, whereby the construction of the solar energy center that starts later this year, and the construction of the BESS-ACTIVUM that begins to start in 2026.
Part of the portfolio, the Hazelboro Solar Proposition, has concluded a Contract for Difference (CFD) under the Irish Renewable Energy Support Scheme (RESS), and L&G NTR states that it is looking for a Corporate Power Agreement (CPPA) partner For the Montvallet for the Montvallet for the Montvallet for the Montvallet for the Montvallet for the Montvallet part of the development.
The deal is the third solar transaction for the L&G NTR Clean Power Fund and the second that it held in Ireland. The acquisition brings the total capacity of the fund in Ireland to more than 326 MW and marks its ninth acquisition, and the second so far in 2025.
At the end of January, L&G NTR Clean Power Fund announced that it had taken over a 115 MW solar project in Ireland from Res. The Ballyeige Solar Project, based in County Offaly, Ireland, granted a building permit at the beginning of 2022 and has also obtained confirmations from the net connection and the construction is expected to start in 2027.
Anthony Doherty, Chief Investment Officer of NTR, noted: “This is a fantastic co-located Solar and BESS project in a market that we know well and a where we can look to deliver strong results for the investors of the fund. SPP is a respected developer on the Irish market and we are delighted to work with them on this portfolio. We are constantly striving to diversify our geographical and technological portfolio to support Europe in the transition of clean energy. “
Bill Hughes, Global Head of Private Markets, L&G, said: “We are pleased to announce a very strategic acquisition for the fund. The addition of co-located currency and solar assets also diversifies both the life cycle phases and the geographical distribution of our investments. “Solar energy remains one of the most cost-effective forms of energy generation and energy storage is crucial for grid management. This acquisition underlines our intended investment strategy, which focuses on the largest growth areas in the EU renewable energy sector. “
