a solar farm from above
L&G and NTR expect to begin construction in 2027. Image: RES.

The L&G NTR Clean Power Fund has announced it has acquired a 115MW solar project in Ireland from RES.

The fund, which is a joint venture between investment fund L&G and renewable energy specialist NTR, has expanded its portfolio by acquiring the Ballyteige Solar project, located in County Offaly, Ireland. The project was granted planning permission in early 2022 and has also secured grid connection confirmations, and construction is expected to begin in 2027.

Anthony Doherty, chief investment officer of NTR, commented: “We are pleased to announce this acquisition in the Irish market, which will contribute to Ireland’s ambitious carbon reduction targets. We are known for our experience in acquiring, building and optimising projects, all of which will be brought to making this project deliver for the Fund’s investors.”

Bill Hughes, global head of private markets and asset management at L&G said: “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: “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.”

RES and the Irish market

Recent years have seen RES complete significant sales and acquisitions in Ireland, a market that has been seeing significant solar sector growth of late.

In February 2024, RES announced that it was actively progressing more than 500MW of solar projects across Ireland, of which the then-90MW Ballayteige solar project was one. This project has since undergone redesigns to expand its solar generation capacity. Just three years prior to this, the firm sold a significant piece of its Irish portfolio, offloading 240MW of capacity across six projects to Power Capital Renewable Energy in 2021.

The wider Irish solar market is also on the rise, with the fourth round of the Irish Renewable Energy Support Scheme (RESS 4) securing 960MW of solar capacity at an average price of €104.76/MWh (£87.72/MWh). In a recent report on power purchase agreements (PPAs) across Europe published by LevelTen Energy, Ireland was found to have the highest solar PPA price among all of the European countries profiled, with an average price of €121.64/MWh (£101.85/MWh).

In November last year, Irish energy firm Flogas announced an ambitious plan to deliver €50 million (£41.87 million) of solar energy projects over the next five years as part of a newly launched solar-as-a-service scheme.