Legal and General and NTR Raised €330 Million
The partners closed a new clean power fund focused on European energy transition infrastructure assets.
Updated on Oct. 14, 2026 in Energy
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Legal and General and NTR have raised €330 million at the first close of the L&G NTR Clean Power Transition IV Fund. The capital will support a portfolio featuring approximately 1.5GW of clean power generation and grid support infrastructure.
Why it matters
The fund addresses rising investor demand for sustainable energy strategies that extend beyond traditional renewable generation into storage and grid electrification. This strategy aims to provide attractive risk-adjusted returns while tackling the infrastructure gaps necessary for the energy transition.
The initial portfolio includes a 125MW/250MWh battery system in Finland, a 1GW project platform in Sweden, and a 138MWp solar and 200MW/400MWh battery project in Ireland. These assets provide a 1.5GW foundation of clean power and grid support infrastructure.
The players
Legal and General
This multinational financial services group acts as the fund manager and provides the capital base for the joint clean power initiative.
NTR
This asset management firm serves as the sector-specialist partner responsible for the origination and management of the clean energy projects.
The details
The partnership combines NTR’s sector-specialist asset management with the capital base of Legal and General. The fund prioritizes electrification-enabling technologies to support the estimated €660 billion in annual investment required for Europe to meet its energy transition goals.
Timeline
The partnership between Legal and General and NTR began in 2015.
The L&G NTR Clean Power Fund III reached final close in 2025.
Construction is scheduled to commence at the Kandalos project in 2026.
The Kandalos project is scheduled to enter operations in 2027.
The Big Picture
This investment initiative reflects a broader shift toward scaling private capital for complex electrification infrastructure. It signals a move away from simple renewable generation toward integrated grid support and energy storage systems as essential components of the modern energy landscape.
The development of these large-scale storage and solar projects aims to stabilize regional power grids by increasing capacity and energy availability. This transition could lead to more reliable energy systems and support the integration of renewable power into the broader European grid.
The takeaway
The fund highlights the increasing importance of private equity in funding critical grid infrastructure rather than just generation capacity. Investors looking toward the energy transition should consider how specialized infrastructure funds integrate storage and grid tech to mitigate market volatility.
What happens next
Construction of the Kandalos project in Finland is scheduled to begin in 2026, followed by the commencement of operations in 2027.
Further reading
For more information on the evolving energy landscape, see the Energy section.
Source note: This article includes information reported by Real Assets.
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