The L&G NTR Partnership
Powering Europe’s energy transition
About the partnership
Strategic partnership
L&G and NTR have maintained a strategic partnership since 2015, when L&G recognised NTR's innovative leadership in renewable energy and became a cornerstone investor in NTR's first two funds.
Market expansion
In 2022, the partnership strategically expanded to jointly promote the third fund to continue to address the critical demand for clean energy and enhanced energy security cross Europe. This collaboration channels institutional capital towards Europe's part of the €1 trillion global market opportunity1 in the energy transition.
Complementary expertise
The partnership leverages L&G's heritage in private markets and its position as one of Europe’s largest asset managers2 complemented by NTR’s specialised expertise and proven track record as a dedicated energy transition asset manager*.
Value proposition
The partnership successfully navigates the complex financial, regulatory, and operational landscape of energy transition projects, aiming to deliver distinctive investment opportunities with attractive risk-adjusted returns for institutional investors.
Investing in clean energy and electrification enabling infrastructure across Europe
The L&G NTR Clean Power Transition IV Fund
Recent announcement
L&G and NTR have announced3 secured commitments of €330m for the first close of the L&G NTR Clean Power Transition IV Fund (CPT IV), aiming to capture commercial opportunity in supporting both clean power and electrification-enabling infrastructure across Europe.
Acquisitions made during the partnership
2023 - Spanish Solar Portfolio
Representing an investment in three solar PV assets generating 115MWp, capable of powering 51,500 homes with long-term contracted revenues through PPAs.4
2023 - The Finnish Onshore Wind Farm
An 87MW project, powering 35,000 homes with two 10-year power purchase agreements.5
2025 - The Ballyteige Project
Based in Co. Offaly, Ireland, the first of the partnership’s four recent Irish investments will introduce 155MWp of solar and 80MW battery storage, targeting the Irish Renewable Electricity Support Scheme.6
2026 - Kandalos, Finland
A Ready-to-Build (“RtB”) 125 MW / 250 MWh two-hour Battery Energy Storage System (“BESS”) located near the city of Tornio, North-West Finland. Construction commenced in 2026 and the batteries are expected to enter operations in 2027.
2026 - Vindr AB, Sweden
A clean power development platform, comprising over 1 GW of projects at different development stages across three of Sweden’s electricity price regions
2026 - Swordlestown, Ireland
A development stage co-located solar PV and Battery Energy Storage System (“BESS”) project located in County Kildare, South West of Dublin. The project comprises 138 MWp of solar PV and 200MW / 400 MWh Battery Energy Storage System (“BESS”).
Case studies shown for illustrative purposes only
Investment strategies
L&G NTR Clean Power Transition IV Fund
Launched: 2026
Status: Open
First close: €330m7
Fund objective: Aims to generate attractive returns for investors through investing in both clean power and electrification-enabling infrastructure as the central pillars of enhanced European energy security and decarbonisation.
Portfolio acquisitions: At first close, the Fund completed its first three acquisitions, establishing a diversified initial portfolio demonstrating the Fund's ability to quickly deploy capital into attractive opportunities,showcasing NTR's expertise in sourcing proprietary investments across the European clean energy transition sector.
The L&G NTR Clean Power (Europe) Fund
Launched: 2023
Status: Closed
Total Commitments: €640m8
L&G and NTR joint strategy reached a final close in March 2025, with institutional investors from Europe and Japan participating in the Fund, including pension funds, insurers, sovereign wealth funds, banks, fund managers, endowments and foundations.
The Fund invests in the development, construction and operation of wind, solar and energy storage assets, offering exposure to a diversified portfolio of technologies across 15 locations in six European countries.
This includes the acquisition of Fair Oaks Renewable Energy Park, a Ready-to-Build (‘’RtB’’) solar and Battery Energy Storage System (‘’BESS’’) project located in Nottinghamshire, England.
The project comprises 75.4MWp of solar PV and a 49.9MWp .99.8MWh BESS, enabling it to both optimise the available grid by capturing and storing excess energy until needed and to provide critical grid services.
Recommended Content
Meet the team
David Emes
Head of Infrastructure Capital Raising
Samuel McKenzie
Fund Manager, Infrastructure Equity
Get in touch
Get in touch
If you would like any further information please complete the contact us form.
Sources:
1ECB as of 2024
2L&G's Asset Management business is a major global investor across public and private markets, with £1.177 trillion in AUM. L&G, global AUM as at 31 December 2025. Excludes assets managed by associates (NTR, Pemberton, BTR). The AUM includes the value of securities and derivatives positions and may not total due to rounding
3Announcement published on 15 October 2026
4L&G NTR Clean Power Fund completes financing for three Spanish solar projects - NTR
5L&G NTR Clean Power Fund makes significant windfarm acquisition in Finland - NTR
6L&G NTR Clean Power Fund acquires 115MW Irish solar project - NTR
7L&G internal data, September 2026
8L&G internal data, September 2026
*NTR internal data, as of September 2026
Issuer
L&G NTR Clean Power (Europe) SCSp RAIF (the "Partnership"), is a reserved alternative investment fund (fonds d’investissement alternatif réservé) pursuant to the RAIF Law in the form of a special limited partnership (société en commandite spéciale) pursuant to the Companies Law. The Partnership is a closed-ended alternative investment fund (fonds d'investissement alternatif). LGIM Managers (Europe) Limited shall act as the external alternative investment fund manager of the Partnership. Legal & General Investment Management Limited shall act as the investment manager of the Partnership to whom the AIFM has delegated the portfolio management function.
Key risks
The value of any investment and any income taken from it is not guaranteed and can go down as well as up, and investors may get back less than the amount originally invested.
This web page does not explain all of the risks involved in investing in the investment strategy and are not final. No decision to invest in the investment strategy should be made without first speaking to the Client Relationship Manager.
Assumptions, opinions, and estimates are provided for illustrative purposes only. There is no guarantee that any forecasts made will come to pass.
While L&G has integrated Environmental, Social, and Governance (ESG) considerations into its investment decision-making and stewardship practices, this does not guarantee the achievement of responsible investing goals within funds that do not include specific ESG goals within their objectives.
L&G accepts no responsibility for the content of any email communication or a website to which a hypertext link from this site exists. The links are provided 'as is' with no warranty, express or implied. This site is aimed at United Kingdom residents only.