Legal & General Investment Management (LGIM) and renewable-energy specialist NTR have raised €390 million ($427 million) from institutional investors in the first close of the L&G NTR Clean Power (Europe) Fund.
The fund, which is designed for institutional investors with a focus on pension funds, insurers and endowments, secured commitments from European asset management investors, Japanese institutional investors and the NatWest Group Retirement Savings Plan, which used LGIM’s life company platform to gain exposure to the fund. L&G also contributed €50 million ($55 million) to the vehicle.
The Luxembourg-based fund, which is classified as an Article 9 fund under the European Union’s SFDR, invests in clean power infrastructure assets across wind, solar and energy storage. L&G NTR Clean Power (Europe) Fund has already begun to deploy capital and acquired three Spanish pre-operational solar projects from global renewable energy developer BayWa r.e