The 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 Project Monvallet, a ready-to-build solar and battery energy storage portfolio, with a combined capacity of 211 MW. The project has been acquired from Strategic Power Projects, an Irish project developer.
The portfolio, which is located in Louth County, Ireland, includes two special-purpose vehicles, Monvallet Solar and Hazelboro. The project has a grid and planning in place, with the construction of the solar project expected to begin in 2025 and the battery energy storage system in 2026.
NTR completed the acquisition on behalf of the fund. DLA Piper served as the legal advisor for the fund, while Natural Power acted as the technical advisor on the transaction.
Hazelboro Solar has secured a contract for difference under the Irish Renewable Electricity Support Scheme.
Anthony Doherty, Chief Investment Officer of NTR, commented, “This is a fantastic co-located solar and BESS project we’re announcing today, in a market we know well and one where we can look to deliver strong results for the Fund’s investors. SPP is a respected developer in the Irish market, and we are delighted to be working with them on this portfolio. We are continuously striving to diversify our geographical and technological portfolio to support Europe in its clean energy transition.”
This acquisition was the fund’s second in Ireland. In January 2025, the fund acquired the 115 MW Ballyteige solar project from RES, a renewable energy company. The project, located in County Offaly, Ireland, has secured a grid and planning agreement.
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.
