The L&G NTR Clean Power (Europe) Fund, a joint partnership between NTR and Legal & General's Asset Management division, has acquired Project Monvallet, a ready-to-build (RtB) solar and battery energy storage system (BESS) portfolio in Ireland. The combined capacity of the portfolio exceeds 211 MW.
NTR completed the acquisition on behalf of the Fund from Strategic Power Projects (SPP). The portfolio, located in County Louth, consists of two special purpose vehicles—Monvallet Solar and Hazelboro. Both have secured grid connections and planning approvals, with solar construction set to begin in 2025 and BESS in 2026. Hazelboro solar has already secured a contract for difference under the Irish Renewable Electricity Support Scheme (RESS), while Monvallet Solar is targeting a corporate power purchase agreement (PPA) partner.
This marks the second solar portfolio acquisition by the Fund in Ireland, following the recent acquisition of Ballyteige, and its third solar-related transaction overall. The Fund highlighted that the RtB status of the project provides a short time to market, benefiting both investors and Ireland's renewable energy adoption.
Anthony Doherty, chief investment officer at NTR, remarked: “This is a fantastic co-located solar and BESS project we're announcing today, in a market we know well and one where we can look to deliver strong results for the Fund's investors. SPP is a respected developer in the Irish market, and we are delighted to be working with them on this portfolio.”
Bill Hughes, global head of Private Markets at L&G, added: “We're thrilled to announce another highly strategic acquisition for the fund. The addition of co-located BESS and solar assets further diversifies both the lifecycle stages and geographical spread of our investments. This acquisition underscores our targeted investment strategy, which focuses on the largest growth areas in the EU's renewable energy sector.”
Ryan McBirney, CEO of Strategic Power Projects, expressed satisfaction with the deal: “We are delighted to complete on this transaction with NTR, adding to their solar portfolio in Ireland. The team at NTR are incredibly professional and experienced in the Irish renewables market, and it was a pleasure to deal with them. We are confident they will bring project Monvallet to energisation effectively and efficiently.”
The Fund's legal advisor was DLA Piper, with technical advice provided by Natural Power.
