Ireland-based renewables investor NTR plc has raised an additional €229 million ($261 million) for the NTR Renewable Energy Income Fund II, which has a €500 million fundraising target.
The fund will invest in construction and operations projects on onshore wind and solar installations across Europe, as well as investments in energy storage to stockpile energy from these projects.
NTR has already made the first three acquisitions for the fund. These include two wind farms in France, 8.8-megawatt Bricqueville project from Renewable Energy Systems, and 10.2-megawatt Saint-Pierre-de-Juillers project from BayWa re.
It also acquired a portfolio of nine solar projects in the United Kingdom, totaling 38.4 megawatts, from Plus Renewables.
The fund held a €145 million first close, with Legal & General Capital as a cornerstone investor, who was also an investor in the second fund.
“We are investing our patient capital in businesses, innovative technology and infrastructure that will help deliver clean and affordable energy to the United Kingdom, benefitting our society, economy and environment for the long-term” said John Bromley, head of clean energy strategy at Legal & General Capital. “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 the NTR Renewable Energy Income Fund II. Legal & General Capital will match 20 percent of all funds raised, up to €100 million, in the NTR fund, which is primarily focused on new-build wind and solar renewables.”