Legal & General and NTR鈥檚 European clean power investment strategy has raised 鈧�330m at the first close of its L&G NTR Clean Power Transition IV Fund.
This latest fundraise builds on the companies鈥� previous joint strategy, L&G NTR Clean Power (Europe) Fund III, which raised more than 鈧�640m and reached final close in 2025. It comes as Europe is estimated to require around 鈧�660bn of annual investment to meet its energy transition and electrification ambitions.
NTR will be the fund鈥檚 asset manager with L&G as fund manager. The pair鈥檚 relationship first began in 2015 when L&G became a cornerstone investor in NTR鈥檚 first two funds.
The partners said the strategy reflects their joint view that the next phase of the energy transition extends beyond renewable generation to the storage, grid and electrification infrastructure needed to support it.
Fund IV is anchored by four cornerstone investors, all of which participated in L&G and NTR鈥檚 previous fund, which was backed by 13 institutional investors from Europe and Japan, including pension funds, insurers, sovereign wealth funds, banks, fund managers, endowments and foundations.
The pair said this renewed participation by four of the original investors 鈥渞eflected ongoing trust in their partnership and continued demand for sustainable strategies that aim to offer investors strong returns underpinned by an attractive yield during the life of the fund鈥�.
They added that the fund has a core-plus proposition and is designed to deliver attractive risk-adjusted returns by investing across clean power and electrification-enabling infrastructure, underpinned by a yield over the life of the fund to minimise the J-curve for investors.
As the fourth iteration of NTR鈥檚 clean energy strategy and the second in partnership with L&G, the Fund IV builds on a unique partnership that combines NTR鈥檚 sector-specialist origination and asset management capabilities with L&G鈥檚 scale, capital base, and long-term investment expertise.
Fund IV鈥檚 first three completed acquisitions are Kandalos in Finland, a ready-to-build 125MW/250MWh two-hour battery energy storage system (BESS) located near the northwestern city of Tornio. Construction is scheduled to commence in 2026 and enter operations in 2027.
The seond is Vindr AB, a clean power development platform, comprising more than 1GW of projects at different development stages across three of Sweden鈥檚 electricity price regions. The third is Swordlestown in Ireland, a development stage co-located solar PV and BESS project located in County Kildare, south west of Dublin. The project comprises 138MWp of solar PV and 200MW / 400MWh BESS.
Battery storage will feature across all three acquisitions, supporting Europe鈥檚 wider electrification by providing the grid flexibility needed as renewables scale.
Heather Mulahasani, managing director of real assets, asset management, L&G, said: 鈥淚nfrastructure continues to be a cornerstone of global private markets investing, with no shortage of demand for clean power infrastructure.
鈥淭he launch of our second joint fund with NTR answers this demand by evolving our clean power strategy and expanding the global real assets offerings within L&G鈥檚 private markets platform. By combining our heritage and long-term investment expertise with complementary strengths from our strategic partners, we continue to deliver against our asset management growth ambitions while aiming to meet investor appetite for innovative, market-leading strategies with tangible real-world impacts.鈥�
Rosheen McGuckian, CEO, NTR, said: 鈥淭his first close of L&G NTR Clean Power Transition IV evolves our strategy to invest in both clean power generation and the electrification enabling infrastructure that underpins Europe鈥檚 energy security and decarbonisation. Our first three acquisitions, comprising circa 1.5 GW of clean power generation and grid support infrastructure across three European markets establish a strong, diversified foundation for the portfolio.
鈥淓lectrification is an integral part of the solution to drive the clean energy transition across our European markets. Decarbonising transport, heat and industry will require continued investment in clean power generation alongside the storage, grid and connection infrastructure that enables it, creating a substantial opportunity for institutional capital.鈥�
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