Legal & General Group will be funding about 47.5% of a €250m investment fund set up by NTR, which intends to support onshore wind developments in the UK and Ireland.
The NTR fund will be used to set up wind power projects having a capacity of 270MW, and is already supported with a €50m commitment by the firm.
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Renewable power from the fund-supported projects will be available for 170,000 homes, displacing more than 300,000 tons of CO2 annually across the UK and Ireland.
Investment commitment by Legal & General is a part of its strategy focused on £15bn of infrastructure developments in the UK, especially for 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."
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By GlobalDataFour assets totalling 55MW have already been acquired by NTR for the fund.
Located in Scotland, Northern Ireland and Republic of Ireland, the assets had cost around €62m in total.
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: Four assets totalling 55MW have already been acquired for the NTR-backed fund. Photo: courtesy of Legal & General Group plc.
