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L&G, NTR secure first close for €660 bln clean energy investment opportunity
L&G and NTR have secured cornerstone commitments from four returning investors for their second joint clean energy fund, L&G NTR Clean Power Transition IV, which aims to invest in renewable energy and infrastructure supporting electrification across Europe.
The fund has completed three acquisitions in Finland, Sweden and Ireland, establishing an initial portfolio spanning battery energy storage, clean power development and solar energy projects.
Expanding clean energy investments:
The fund builds on the partners’ first joint strategy, L&G NTR Clean Power (Europe) Fund III, which raised more than €640 million at its final close in March 2025.
The new strategy expands the investment focus beyond clean power generation to include infrastructure supporting the electrification of transport, heat and industry, alongside energy storage. It is the fourth iteration of NTR’s clean energy strategy and the second developed in partnership with L&G.
The fund combines NTR’s clean energy project sourcing and asset management expertise with L&G’s investment scale and long-term capital capabilities.
Three acquisitions across Europe:
The fund’s initial portfolio comprises three projects across different stages of development:
- Finland: Kandalos, a ready-to-build battery energy storage system with 125 MW of power capacity and 250 MWh of storage capacity near Tornio. Construction is scheduled to begin in 2026, with operations expected in 2027.
- Sweden: Vindr AB, a clean power development platform comprising more than 1 GW of projects at different development stages across three Swedish electricity price regions.
- Ireland: Swordlestown, a development-stage project in County Kildare combining 138 MWp of solar photovoltaic capacity with a 200 MW/400 MWh battery energy storage system.
Battery storage features in all three acquisitions, providing grid flexibility to support the expansion of renewable energy and broader electrification.
€660 bln annual investment opportunity:
The fund targets a market in which an estimated €660 billion in annual investment is required for clean power generation, grids and demand-side measures, including electrification and energy efficiency, to support the EU’s proposed target of electrifying 46% of its energy consumption by 2040.
The partners see this investment requirement as an opportunity for private capital to support Europe’s energy transition, particularly through specialist investors capable of developing and managing clean energy infrastructure.
Building on decade-long partnership:
L&G and NTR have worked together since 2015, when L&G became a cornerstone investor in NTR’s first two funds. The latest strategy builds on that relationship, with all four cornerstone investors having participated in the previous joint fund.
L&G Managing Director of Real Assets Heather Mulahasani said the fund expands the company’s clean power strategy and private markets offering while responding to investor demand for infrastructure investments with tangible real-world impact.
NTR CEO Rosheen McGuckian said the fund’s initial acquisitions establish a diversified portfolio across three European markets, combining clean power generation with infrastructure needed to support grid flexibility and electrification.
She added that decarbonizing transport, heat and industry would require continued investment in renewable energy, storage, grid capacity and connection infrastructure.
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