L&G NTR Clean Power (Europe) Fund, a joint partnership between L&G’s asset management division, a global investor, and NTR, an Ireland-based renewable energy investor, announced the acquisition of the 115 MW Ballyteige solar project from RES, a renewable energy company.
The project, located in County Offaly, Ireland, has a grid and planning in place. The project is expected to begin construction in 2027. NTR completed the acquisition on behalf of the fund. DLA Piper provided legal advice to the fund on the acquisition.
Anthony Doherty, Chief Investment Officer of NTR, commented, “We are pleased to announce this acquisition in the Irish market, which will contribute to Ireland’s ambitious carbon reduction targets. We are known for our experience in acquiring, building and optimizing projects, all of which will be brought to making this project, in our home market, deliver for the Fund’s investors.”
Bill Hughes, Global Head of Private Markets, Asset Management, L&G, said, “We’re excited to be able to announce this latest addition to the Fund’s portfolio, reflecting our continued success in strategic capital deployment. This new inclusion provides our clients with a broader exposure to clean power assets, investing in sustainable infrastructure that could help drive Europe’s decarbonization.”
According to Mercom’s Annual and Q4 2024 Solar Funding and M&A report, 217 large-scale solar project acquisitions totaling 37.7 GW were transacted in 2024, compared to 231 transactions totaling 45.4 GW in 2023.
Earlier this month, Emeren Group, a solar project developer, announced the sale of a 65 MWp solar project portfolio to Trina Solar International System Business Unit (ISBU), Trina Solar’s downstream project development arm. The company did not disclose the financial details of the acquisition.
