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Legal & General supports €250m onshore wind fund

CTBR Staff Writer Published 23 December 2015

Legal & General has committed to fund about 47.5% of a €250m investment fund launched by NTR to invest in onshore wind projects in the UK and Ireland.

NTR

The fund will be used to build wind farms with a total installed capacity of around 270MW. NTR has already committed €50m to the fund.

The clean electricity generated from the projects will be supplied to 170,000 homes, displacing more than 300,000 tons of CO2 annually across the UK and Ireland.

Legal & General's investment is in line with its strategy to spend £15bn on infrastructure in the UK, particularly on housing and urban regeneration, transport and clean energy.

Legal & General Capital direct investments director Laura Mason said: "Legal & General's investment in the UK's energy infrastructure focuses 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, and drive down the household bills of renewable energy for customers."

NTR has already acquired the initial four assets for the fund, which total €62m and will provide a combined capacity of 55MW. The assets are located in Scotland, Northern Ireland and Republic of Ireland.

NTR CEO Rosheen McGuckian said: "This is a very exciting partnership for NTR, where we will be matching the patient capital of Legal & General with our own track record in acquiring, constructing and operating wind projects.

"We have a rapidly growing pipeline of construction ready onshore wind assets and we are delighted that Legal & General have both committed to this, our first wind fund to include other investors, and to working with us on additional clean energy investment opportunities."


Image: Legal & General's clean energy investment strategy is focusing on wind and solar power in the short term. Photo: courtesy of Legal & General Group plc.