The L&G NTR Clean Power (Europe) Fund has announced its acquisition of Ballyteige Solar Limited, a 115MWp solar project from renewable energy company RES.  Located in Co. Offaly, the project has grid and planning in place and, following further design optimisation, construction is expected to commence in 2027. 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.

The acquisition further diversifies the Fund’s portfolio, establishing a presence in the Irish Solar market, one of the European markets where NTR is highly experienced. The Fund currently holds a mix of development, construction, and operational wind, solar and Battery Energy Storage System (BESS) assets across six European markets.

Anthony Doherty, Chief Investment Officer of 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, Asset Management, L&G, said:

“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.”

Lucy Whitford, Managing Director for UK & Ireland at RES, adds:

“RES has been developing, constructing, and operating renewable energy projects across the island of Ireland since the early 1990s and we’re committed to playing an active part in the country’s energy future. 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. “

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