L&G and Dublin based energy transition investor NTR announced on October 15 a first close of 330 million euros for the L&G NTR Clean Power Transition IV Fund. Four cornerstone investors anchored the close, all of them participants in the partners’ previous fund.
The fund widens the mandate beyond generation. Alongside renewable generation and storage it will invest in infrastructure that enables electrification of heat, transport and industry. The predecessor, the L&G NTR Clean Power (Europe) Fund III, reached final close in March 2025 with more than 640 million euros.
First close came with deployment already done. The fund has completed its first three acquisitions, together about 1.5GW of generation and grid support assets across three European markets. They include a 125MW battery storage system in north west Finland due to enter operations in 2027, and a co located scheme in County Kildare, Ireland, combining 138MW of solar with 200MW of battery storage.
The structure, a large insurer asset manager paired with a specialist originator, with returning cornerstone capital and assets bought before first close, is now the standard template for European transition funds that want to show LPs a portfolio rather than a pipeline.