L&G and NTR have secured €330m at the first close of their Clean Power Transition IV Fund, backing clean power and electrification infrastructure across Europe. The fund is the partners’ second joint strategy and NTR’s fourth clean energy strategy. Four returning cornerstone investors have committed capital, while the fund has already completed acquisitions in Finland, Sweden and Ireland. Together, the initial assets include a 125 MW battery storage system, a Swedish clean power platform with more than 1 GW of projects, and a co-located solar and battery project in County Kildare.
A Broader Investment Mandate
The L&G NTR Clean Power Transition IV Fund extends the scope of the partners’ earlier Clean Power Europe Fund III, which reached its final close in March 2025 with more than €640m raised for clean power infrastructure. Its mandate now includes renewable generation, energy storage and infrastructure that supports the electrification of heat, transport and industry.
That expanded remit places generation and grid-supporting assets within the same investment programme. The approach reflects the practical connection between new renewable capacity and the storage, connections and flexibility needed to use electricity across more parts of the economy.
L&G and NTR have worked together since 2015, when L&G became a cornerstone investor in NTR’s first two funds. The partnership combines NTR’s origination and asset management work with L&G’s capital base and long-term investment experience.
Heather Mulahasani, Managing Director of Real Assets, Asset Management, L&G, said:
“Infrastructure continues to be a cornerstone of global private markets investing, with no shortage of demand for clean power infrastructure. The launch of our second joint Fund with NTR answers this demand by evolving our clean power strategy and expanding the Global Real Assets offerings within L&G’s private markets platform. By combining our heritage and long-term investment expertise with complementary strengths from our strategic partners, we continue to deliver against our Asset Management growth ambitions while aiming to meet investor appetite for innovative, market-leading strategies with tangible real-world impacts.”
Three Assets Across Europe
The fund’s first acquisitions provide an initial portfolio across three European markets, with battery storage featuring in each transaction. In Finland, the Kandalos project near Tornio is a ready-to-build 125 MW, 250 MWh two-hour battery energy storage system. Construction is scheduled to begin in 2026, with operations expected in 2027.
In Sweden, the acquisition of Vindr AB brings a clean power development platform with more than 1 GW of projects at different stages across three electricity price regions. The Irish acquisition, Swordlestown in County Kildare, is a development-stage co-located project comprising 138 MWp of solar PV and a 200 MW, 400 MWh battery energy storage system.
Battery storage across the three investments is intended to provide grid flexibility as renewable generation grows. The portfolio also brings together projects at different points in the development cycle, from ready-to-build infrastructure to a broader development platform.
Electrification And Grid Flexibility
The fund is focused on the infrastructure needed to support both clean electricity production and higher electricity use in transport, heat and industry. The European Commission has set out a proposed target for 46% of EU energy consumption to be electrified by 2040 through its EU Electrification Action Plan and Clean Energy Investment Strategy.
L&G and NTR cite an estimate that around €660bn of capital will be required each year for clean power generation, grids and demand-side investment, including electrification and energy efficiency, to meet that target. This puts private investment alongside public policy in financing the infrastructure required for European energy security and decarbonisation.
The three acquisitions comprise around 1.5 GW of clean power generation and grid-support infrastructure across Finland, Sweden and Ireland. Their shared battery storage element demonstrates the role of flexible assets in connecting renewable generation with changing demand on electricity networks.
Rosheen McGuckian, CEO, NTR, said:
“This first close of L&G NTR Clean Power Transition IV evolves our strategy to invest in both clean power generation and the electrification enabling infrastructure that underpins Europe’s energy security and decarbonisation. Our first three acquisitions, comprising circa 1.5 GW of clean power generation and grid support infrastructure across three European markets establish a strong, diversified foundation for the portfolio.
Capital For European Infrastructure
The €330m first close gives the fund a starting portfolio while it pursues further investment in clean power and electrification-enabling assets. Its returning cornerstone investors also continue the investment relationship established through the partners’ earlier strategy.
Rosheen McGuckian, CEO, NTR, said:
“Electrification is an integral part of the solution to drive the clean energy transition across our European markets. Decarbonising transport, heat and industry will require continued investment in clean power generation alongside the storage, grid and connection infrastructure that enables it, creating a substantial opportunity for institutional capital.”
For L&G and NTR, the new fund brings clean generation, storage and supporting infrastructure into a single European investment programme. The initial acquisitions offer a clear illustration of that mandate, spanning solar, battery storage and a multi-project clean power platform.
