L&G and NTR Secure €330 Million First Close for European Clean Power Transition Fund

Global asset manager L&G and energy transition investment specialist NTR have secured €330 million in commitments for the first close of the L&G NTR Clean Power Transition IV Fund. Announced on 15 October 2026, the fund will invest in renewable energy generation, battery storage and infrastructure supporting electrification across Europe. Four returning institutional investors have provided cornerstone commitments, supporting the fund's strategy of financing clean energy assets and infrastructure needed to decarbonise transport, heating and industry.

The fund has already completed three acquisitions across Finland, Sweden and Ireland, establishing an initial portfolio comprising approximately 1.5 GW of clean power generation and grid support infrastructure. In Finland, the Kandalos project near Tornio involves a ready-to-build 125 MW/250 MWh battery energy storage system, with construction scheduled to begin in 2026 and operations expected in 2027. In Sweden, the fund has acquired Vindr AB, a clean power development platform with more than 1 GW of projects at various development stages across three electricity price regions.

 

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The third acquisition is Swordlestown, a development-stage renewable energy project in County Kildare, Ireland, combining 138 MWp of solar photovoltaic capacity with a 200 MW/400 MWh battery storage system. Battery storage will feature across all three investments, reflecting the fund's emphasis on improving electricity grid flexibility as renewable generation expands. The portfolio includes projects at different development stages, meaning the announced capacity does not represent infrastructure that is already operational.

Clean Power Transition IV is NTR's fourth clean energy investment strategy and its second joint fund with L&G. Their previous partnership, the L&G NTR Clean Power (Europe) Fund III, reached its final close in March 2025 after raising more than €640 million. The latest fund broadens the investment mandate beyond renewable electricity generation to include storage, grid infrastructure and assets supporting the electrification of energy demand. The companies estimate that approximately €660 billion in annual investment across clean power, electricity grids, electrification and energy efficiency would be needed to meet the EU's proposed target of electrifying 46% of energy consumption by 2040.

 

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Rosheen McGuckian, CEO of NTR, highlighted the importance of combining renewable power development with supporting infrastructure. "Decarbonising transport, heat and industry will require continued investment in clean power generation alongside the storage, grid and connection infrastructure that enables it," she said. Heather Mulahasani, Managing Director of Real Assets at L&G Asset Management, also emphasised growing institutional demand for clean power infrastructure and the role of the partnership in expanding L&G's private markets investment strategy. With its initial acquisitions completed, the fund will focus on developing its portfolio and deploying committed capital into European energy transition infrastructure.

 

Source: L&G