NTR plc has secured EUR229 million (US$264.02 million) commitments for the NTR Renewable Energy Income Fund II, of which EUR145 million (US$167.17 million) has been secured for the fund’s first close. The fund is targeting EUR500 million (US$576.46 million) and will invest in both pre-construction and operational onshore wind and solar projects across a number of European markets, together with energy storage that is associated with the wind and solar projects owned by the fund.

Legal & General Capital joins as a cornerstone investor in an NTR fund for the second time. The company will match 20% of all funds raised, up to EUR100 million (US$115.29 million), in the NTR fund, which is primarily focused on new-build wind and solar renewables.

European Investment Bank (EIB), is also investing up to EUR84 million (US$96.85 million) equity in the fund, which is guaranteed by the European Fund for Strategic Investments or Juncker Plan. This represents its first ever backing for investment through an Irish Collective Asset-management Vehicle or ICAV.

Another first close investor in the fund is the Brunel Pension Partnership, a UK Local Government Pension Scheme Pool. NTR Renewable Energy Fund II is one of the first two infrastructure investments that Brunel has made since its formation in 2017.

The remaining first close investors include the university endowment fund of Trinity College Dublin and NTR plc.

NTR has already made the first three acquisitions for the fund, providing a combined capacity of 57MW of clean energy.  These include two wind farms in France and a portfolio of nine solar projects in the UK. The fund has an active pipeline of further investments across its target European markets.