L&G NTR Clean Power (Europe) Fund acquires 211MW Irish Battery and Solar projects

The acquisition brings the Fund’s total capacity in Ireland to over 326 MW and marks its ninth acquisition

The L&G NTR Clean Power (Europe) Fund (“the Fund”) today announces the acquisition of Project Monvallet, a Ready-to-Build (“RtB”) solar and Battery Energy Storage System (“BESS”) portfolio, with a combined capacity of over 211 MW. The Fund is a joint partnership between NTR, a leading renewable energy specialist, and L&G’s Asset Management division, a major global investor. The acquisition was completed by NTR on behalf of the Fund.

Situated in county Louth, Ireland, the portfolio has been acquired from Strategic Power Projects Ltd (“SPP”), an established Irish developer of Ready-to-Build projects. Consisting of two special purpose vehicles, Monvallet Solar Ltd and Hazelboro Ltd, they have grid and planning in place, with construction of the solar to commence in 2025 and the BESS in 2026. Hazelboro solar has already secured a contract for difference under the Irish Renewable Electricity Support Scheme (“RESS”) with Monvallet solar targeting a Corporate PPA partner.

Following on from the recent Ballyteige acquisition announcement, this transaction is the Fund’s second solar portfolio in Ireland, and third solar transaction overall. Its RtB status results in a short time to market, benefiting investors as well as advancing Ireland’s adoption of renewable energy sources.

You can now read the full press release at the link below