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).
Known as Project Monvallet, the portfolio includes a solar PV power plant and a BESS project with a combined capacity of 211 MW.
Both projects have received planning approval, with construction of the solar PV power plant expected to start later this year and the BESS project scheduled for 2026.
Part of the portfolio, Hazelboro Solar, has secured a contract for difference (CfD) under the Irish Renewable Energy Support Scheme (RESS). L&G NTR is seeking a corporate power purchase agreement (CPPA) partner for the Monvallet project.
This is the third solar transaction for the L&G NTR Clean Power Fund and its second acquisition in Ireland.
The deal brings the Fund’s total capacity in Ireland to over 326 MW, marking its ninth and second acquisition this year.
In January, the Fund also acquired the 115 MW Ballyteige Solar project in County Offaly from RES. Ballyteige, which received planning approval in 2022, is expected to begin construction in 2027.
Anthony Doherty, Chief Investment Officer at NTR, said: “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… We are delighted to be working with SPP on this portfolio.”
Bill Hughes, global head of private markets at L&G, added: “The addition of co-located BESS and solar assets further diversifies both the lifecycle stages and geographical spread of our investments.”
