NTR’s Renewable Energy Income Fund II has secured €229m in investor commitments for renewable energy projects across Europe. Credit: NTR.

Ireland-based renewables investor NTR has attracted investment commitments in the region of €229m for the second round of its renewable energy fund.

NTR’s Renewable Energy Income Fund II is targeting €500m worth of investment, having already secured €145m in the first phase. The new sum of committed investment will bring the firm closer to its target.

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Funding will be used to support construction and operations projects on onshore wind and solar installations across Europe, as well as investments in energy storage to stockpile energy from these projects.

In the first phase of the renewable energy fund, investor Legal & General Capital played a prominent role in the funding and the company will join NTR for phase two.

Legal & General Capital Head of Clean Energy John Bromley said: “We are investing our patient capital in businesses, innovative technology and infrastructure that will help deliver clean and affordable energy to the UK, benefitting our society, economy and environment for the long-term.

“We believe that a step-change is needed in the level of investment in renewable energy, so are pleased to be a cornerstone investor in the NTR Renewable Energy Income Fund II.  Legal & General Capital will match 20% of all funds raised, up to €100m, in the NTR fund, which is primarily focused on new-build wind and solar renewables.”

The European Investment Bank (EIB) has pledged up to €84m in equity for the fund. This is guaranteed by the European Fund for Strategic Investments (EFSI) and represents the first EFSI-backed investment via an Irish Collective Asset-management Vehicle such as NTR.

Furthermore, the UK-based Brunel Pension Partnership will invest in the second round.

Brunel Pension Partnership head of private markets Richard Fanshawe said: “Brunel is pleased to be backing NTR’s experienced and capable team to deliver a portfolio of predominantly greenfield renewable energy generation assets in Western Europe. This fund is a good fit with both our clients’ return expectations from infrastructure, but also their combined commitment to be responsible, long-term owners of sustainable investments.”

NTR has completed three acquisitions to be funded under the second phase: two wind farms in France and a portfolio of nine solar projects in the UK. Together, these assets have a combined capacity of 57MW.

While the EFSI has invested in renewable energy projects in the UK, such as €314m for the Galloper offshore windfarm and €515m to install seven million Calvin Capital smart meters, a no-deal Brexit could eradicate future EU-backed investments in the UK energy sector.