Legal & General Capital has invested in clean energy provider NTR Wind Management, and is committed to building an onshore wind portfolio in the UK through the first close of a fund targeting €250 million.
Legal & General Capital will fund up to 47.5% of the fund. NTR, which has been involved in managing and funding wind energy projects since 1999, will provide €50 million in finance. The fund will specifically target institutional investors.
NTR has already acquired the fund’s first four assets, totalling €62 million. Investments include large multiple turbine wind assets in Scotland, Northern Ireland and the Republic of Ireland.
Laura Mason, director of direct investments at Legal & General Capital, says the investments will initially focus on wind and solar power.
“Renewable energy is part of the solution to ensure the lights stay on in the UK. It is clean, green, and in the future it will be cheap. Investment into new energy technology will deliver massive leaps in renewables capacity,” she says.
John Bromley, head of clean energy at Legal & General Capital, adds: “The Paris climate agreement shows a global recognition that the world’s energy system needs transformational change, but for this to happen, hard investment decisions need to be made to deliver reductions in carbon emissions and benefits to energy consumers.”
Overall, Legal & General Capital has an investment target of €20.3 billion on UK renewable energy infrastructure. Around €9 billion has been spent so far.
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