4 January 2023

L&G NTR Clean Power Fund Acquires Three Solar Projects in Spain Totalling 115 MWp

4 January, 2023:  The L&G NTR Clean Power (Europe) Fund managed by Legal & General Investment Management (LGIM), one of the world’s leading asset managers and NTR, a leading renewable energy specialist, has acquired three Spanish pre-operational solar projects from global renewable energy company BayWa r.e.

The three projects, two of which are located in Castilla la Mancha and the third in Andalusia, collectively amount to 115 MWp output installed and are due to enter operations in 2023. Once operational, the three projects are targeting the displacement of 51,525 tonnes of carbon emissions each year. The projects each have long-term power purchase agreements in place, with offtakers including international food and packaging companies.

The portfolio of three projects is the first acquisition for the fund, which seeks to positively contribute to the acceleration of the European energy transition through the deployment of institutional capital into clean power development through a diversified mix of solar, wind and energy storage projects at different stages of their development lifecycle across the continent. The Fund is categorised as Article 9 under the European Union’s Sustainable Finance Disclosure Regulation (SFDR). 

Anthony Doherty, Chief Investment Officer, NTR, commented; “Spain is the third largest European solar generator in the EU* with ambitious plans to grow installed capacity. We are delighted to enter that market through the continuation of a strong relationship with BayWa r.e., one of Europe’s leading renewables developers.” 

Bill Hughes, Global Head of Real Assets, LGIM, said; “The European energy transition represents a €1 trillion opportunity for investors as public and private sector decarbonisation agendas accelerate. As we join forces with NTR to deploy institutional capital into sustainable infrastructure, this first transaction is indicative of our shared belief in solar as a vital energy source when it comes to decarbonisation and a provider of attractive, long-term and reliable yields.”

Dr. Benedikt Ortmann, Global Director of Solar Projects of BayWa r.e. said; “We are pleased to complete the sale of this high-quality project portfolio to the L&G NTR Clean Power Fund. Such investment in clean energy infrastructure accelerates the development of new renewable installations and thus plays an important role in achieving vital climate goals. In Spain, we have been operating for more than 10 years, and during that time have been steadily increasing our project pipeline. Our solar projects in the country have been built without any subsidies for several years now. We are looking forward to continuing to build upon this success story in the future.” 

Pinsent Masons acted on behalf of the fund, with Vector Renewables providing technical advice. Cruatecasas acted on behalf of BayWa r.e.

*Solar generation capacity installed end 2021. Spain ranks third behind Germany and Italy. Solar Power Europe 2021-2025


Notes to Editors

For further information, please contact:

Gilly Lock / Genevieve Ryan


Telephone: +44 (0) 20 7250 1446 


About the L&G NTR Clean Power (Europe) Fund

The L&G NTR Clean Power (Europe) Fund combines the stewardship and institutional network of LGIM with the sustainable infrastructure expertise of NTR to tackle the climate emergency. An Article 9 fund with sustainable goals as its objective, the fund provides an opportunity for investors to deploy capital into clean energy projects that will drive Europe’s renewable energy transition. The fund invests in the development, construction and operation of wind, solar and energy storage assets, aiming to offer exposure to a diversified portfolio of proven technologies across a number of European countries.

About Legal & General Investment Management 

Legal & General Investment Management is one of Europe’s largest asset managers and a major global investor, with total assets under management of £1.29 trillion[2]. We work with a wide range of global clients, including pension schemes, sovereign wealth funds, fund distributors and retail investors.

For more than 50 years, we have built our business through understanding what matters most to our clients and transforming this insight into valuable, accessible investment products and solutions. We provide investment expertise across the full spectrum of asset classes including fixed income, equities, commercial property, and cash. Our capabilities range from index-tracking and active strategies to liquidity management and liability-based risk management solutions.

About NTR

Established in 1978, NTR is an experienced sustainable infrastructure investor and asset manager driving Europe’s clean energy transition. NTR develops, constructs and operates renewable energy projects in over 50 locations across seven European countries, specialising in wind, solar and energy storage. With approximately €1.2 billion of capital deployed, NTR has developed, constructed and operated close to 3GW of wind, solar and energy storage projects to date.

NTR’s mission of developing, constructing, and operating sustainable infrastructure in a responsible manner means that we incorporate an ESG mindset into every stage of the business. From initial investment assessment through to operational projects, NTR aims to have a positive impact on the environment and society while maintaining strong governance and risk management oversight.

For more information please visit: 

About BayWa r.e.

At BayWa r.e. we r.e.think energy – how it is produced, stored and can be best used to enable the global renewable energy transition that is essential to the future of our planet. 

We are a leading global developer, service supplier, distributor and solutions provider and have brought over 5 GW of energy online and manage over 10.5 GW of assets. We are also an Independent Power Producer with an expanding energy trading business. 

BayWa r.e. works with businesses worldwide to provide tailored renewable solutions. Operating 100% carbon neutral, we are also committed to our own sustainability journey.   

Every day, we are working hard to actively shape the future of energy in a diverse, equitable and inclusive workplace. 

Our shareholders are BayWa AG, a €19.8 billion global business, and Energy Infrastructure Partners, a leader in energy infrastructure investment.


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