The L&G NTR Clean Power (Europe) Fund has acquired Ballyteige Solar Ltd, a 115MWp solar project in Co Offaly, from renewable energy company RES.
The project has grid and planning in place and construction is expected to commence in 2027 following further design optimisation.
The fund is a joint partnership between renewable energy specialist NTR and global investor L&G's asset management division, with NTR completing the acquisition on behalf of the fund, further diversifying its portfolio by establishing a presence in the Irish solar market.
The fund has an interest in a mix of development, construction, and operational wind, solar and battery energy storage system (BESS) assets across six European markets.
“We are pleased to announce this acquisition in the Irish market, which will contribute to Ireland’s ambitious carbon reduction targets," said Anthony Doherty, chief investment officer at NTR.
"We are known for our experience in acquiring, building and optimising 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 decarbonisation.”
Lucy Whitford, managing director for UK & Ireland at RES, added: “RES has been developing, constructing, and operating renewable energy projects across the island of Ireland since the early 1990s and we’re committed to playing an active part in the country’s energy future.
"This successful transaction builds on our longstanding relationship with NTR and ensures our projects contribute to decarbonising the energy system at least cost to the consumer.“
Photo: The L&G NTR Clean Power Fund has acquired a solar farm in Co Offaly. (Pic: Supplied)
