Legal and General partners with NTR in renewable infrastructure fund

NTR is targeting €500 million of capital to spend on renewable projects

British multinational Legal and General has once again partnered with Irish infrastructure group NTR by investing in its renewable energy fund.

NTR plc, formerly part of the National Toll Roads business, has secured commitments of €229 million for a renewable energy fund out of a total target of €500 million.

That target is "likely to be achieved by the end of the current year", a spokesman told The Irish Times.

The NTR Renewable Energy Income Fund II invests in pre-construction and operational onshore wind and solar projects. Last month the European Investment Bank (EIB) invested €84 million in the fund, representing its first backing for investment through an Irish Collective Asset Management Vehicle (ICAV).


An ICAV is a corporate vehicle designed for Irish investment funds authorised by the Central Bank of Ireland. It is particularly useful for US investors in investment funds as it allows them to be subject to US tax as if they held the underlying assets in the fund directly.

Legal and General intends to match 20 per cent of all funds raised up to €100 million, John Bromley, head of clean energy strategy at Legal and General Capital, said in a statement.

“We believe that a step change is needed in the level of investment in renewable energy, so are pleased to be a cornerstone investor [in NTR’s fund],” he added.

Pension scheme

A UK local government pension scheme pool, Brunel Pension Partnership, and the Trinity College Dublin endowment fund also invested in the fund.

"This fund is a good fit with both our clients' return expectations from infrastructure, but also their combined commitment to be responsible, long-term owners of sustainable investments," said Richard Fanshawe, head of private markets with Brunel.

NTR has already made three acquisitions for the fund, including two wind farms in France and a portfolio of nine solar projects in the UK, for more than €96 million.

Peter Hamilton

Peter Hamilton

Peter Hamilton is a contributor to The Irish Times specialising in business