L&G, NTR Raise $370 Million for New Clean Power Transition Fund

UK financial services group Legal & General (L&G) and sustainable infrastructure investor NTR announced today that they have raised €330 million (USD$370 million) at the first close of the L&G NTR Clean Power Transition IV Fund, the firm’s second joint strategy focused on investing in clean energy projects and infrastructure supporting electrification across Europe.

According to the firms, the new fund comes as an estimated €660 billion in annual investment is required in clean power generation, electricity grids, electrification and energy efficiency to support the EU’s proposed target of increasing electricity’s share of energy consumption to 46% by 2040.

Rosheen McGuckian, CEO of 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.”

L&G acted as a cornerstone investor in NTR’s first two funds. The predecessor joint fund, L&G NTR Clean Power (Europe) Fund III, reached final close in April 2025 with €607 million in total commitments to invest in clean power infrastructure assets. According to the firms, the new fund expands the investment strategy to include clean power generation and infrastructure supporting electrification, including energy storage and electricity grids.

To date, the new fund has completed three acquisitions, including a battery energy storage system (BESS) in Finland, a clean power development platform encompassing more than 1 GW of projects in Sweden, and a co-located solar PV and BESS project in Ireland.

The companies said that the fund is backed by four cornerstone investors, all of whom participated in L&G and NTR’s previous fund.

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.”