L&G and NTR raise €330m for fourth clean power fund
What's the deal? Legal & General and NTRDealroom has a profile for this one. Try Dealroom → have raised €330 million at the first close of the L&GDealroom has a profile for this one. Try Dealroom → NTRDealroom has a profile for this one. Try Dealroom → Clean Power Transition IV Fund, a renewables strategy targeting clean power and electrification infrastructure across Europe. NTR will act as asset manager, with L&G as fund manager.
Who's backing it? The fund is anchored by four cornerstone investors, all of which backed the pair's previous fund. That prior strategy, Fund III, drew 13 institutional investors from Europe and Japan — including pension funds, insurers, sovereign wealth funds, and banks.
Why now? Europe needs an estimated €660 billion of annual investment to meet its energy transition and electrification goals. L&G and NTR say the next phase extends beyond renewable generation to the storage, grid, and electrification infrastructure needed to support it.
What's the endgame? Fund IV builds on Fund III, which raised more than €640 million and reached final close in 2025. The partnership dates to 2015, when L&G became a cornerstone investor in NTR's first two funds.
What's it buying? The fund has completed three acquisitions totalling about 1.5GW of clean power and grid support assets: KandalosDealroom has a profile for this one. Try Dealroom →, a ready-to-build 125MW/250MWh battery project in Finland; Vindr ABDealroom has a profile for this one. Try Dealroom →, a Swedish development platform with more than 1GW of projects; and SwordlestownDealroom has a profile for this one. Try Dealroom →, a co-located solar and battery project in Ireland. Battery storage features across all three.
The signal: The renewed backing from four returning investors points to steady institutional appetite for core-plus clean power strategies — ones built to pay a yield over the fund's life and ease the J-curve. As CEO Rosheen McGuckian put it, the strategy now targets "the electrification enabling infrastructure that underpins Europe's energy security and decarbonisation."
Read more: exelerating.com
Image credit: Generated with Gemini
