The L&G NTR Clean Power (Europe) Fund has acquired the 115MW Ballyteige Solar project in County Offaly, Ireland, from renewable energy company RES. The project, which already has grid connection and planning approval in place, is expected to begin construction in 2027.
The Fund is a joint venture between renewable energy company NTR and L&G's Asset Management division. The acquisition, completed by NTR on behalf of the Fund, adds to a diverse portfolio that includes development, construction, and operational wind, solar, and Battery Energy Storage System (BESS) assets across six European countries.
Anthony Doherty, Chief Investment Officer at NTR, commented: “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.
Bill Hughes, Global Head of Private Markets and Asset Management at L&G, added: “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's Managing Director, Lucy Whitford, also welcomed the deal, saying: “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.
