The Legal & General (L&G) NTR Clean Power Fund has acquired a ready-to-build solar and battery energy storage system (BESS) portfolio from Strategic Power Projects (SPP).
The portfolio, known as Project Monvallet, consists of a solar PV power plant and a BESS proposal with a combined capacity of 211MW. Both projects have been granted planning permission and are considered shovel-ready, with construction of the solar PV power plant set to begin later this year and construction of the BESS asset scheduled to commence in 2026.
Part of the portfolio, the Hazelboro solar proposition, has secured a contract for difference (CfD) under the Irish Renewable Energy Support Scheme (RESS), and L&G NTR states that it is seeking a corporate power purchase agreement (CPPA) partner for the Montvallet portion of the development.
The deal is the third solar transaction for the L&G NTR Clean Power Fund, and the second it has conducted in Ireland. The acquisition brings the Fund’s total capacity in Ireland to over 326MW and marks its ninth acquisition, and the second so far in 2025.
In late January, L&G NTR Clean Power Fund announced that it had acquired a 115MW solar project in Ireland from RES. The Ballyteige Solar project, located in County Offaly, Ireland, 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: “This is a fantastic co-located solar and BESS project in a market we know well and one where we can look to deliver strong results for the Fund’s investors. SPP is a respected developer in the Irish market and we are delighted to be working with them on this portfolio. We are continuously striving to diversify our geographical and technological portfolio to support Europe in its clean energy transition.”
Bill Hughes, global head of private markets, L&G, said: “We’re thrilled to announce another highly strategic acquisition for the fund. The addition of co-located BESS and solar assets further diversifies both the lifecycle stages and geographical spread of our investments. “Solar power remains one of the most cost-effective forms of energy generation, and energy storage is crucial for grid management. This acquisition underscores our targeted investment strategy, which focuses on the largest growth areas in the EU’s renewable energy sector.”
