LGIM signs up NatWest and L&G for €390m clean power fund
The UK's largest asset manager, LGIM, confirmed today that its new clean power investment vehicle has raised €390m in first close.
LGIM, in partnership with renewable energy specialist NTR, locked in the commitments for its new L&G NTR Clean Power (Europe) Fund, which is based in Luxembourg and will target clean power infrastructure assets across wind, solar and energy storage.
Without providing a financial breakdown, fresh funds have come from pension funds, insurers and endowments, coming from Europe, Japan and included the NatWest Group Retirement Savings Plan. Legal & General has pumped €50m into the fund.
"The fund will put private capital to work to drive Europe’s decarbonisation and energy security agenda," the companies clarified in an email.
The vehicle is classified as an Article 9 fund under the European Union’s Sustainable Finance Disclosure Regulation.
The investment managers aim to exploit the current drive to boost energy independence and reduce emissions as governments across Europe are looking to accelerate the rollout of clean energy generation technologies and energy efficiency investments - all of which require investment and asset creation.
"The fund has already started to deploy capital in support of this programme, announcing its first asset acquisitions in January 2023 - three Spanish pre-operational solar projects from global renewable energy developer BayWa," the companies said.