Press releases

L&G NTR Clean Power Fund completes financing for three Spanish solar projects

Fund also announces the acquisition of an onshore wind project situated in the South of France

13 Jul 2023

Full press release

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 completed the financing of three Spanish solar projects in partnership with NordLB.

NordLB, the sole debt provider and hedge counterparty, has provided debt facilities of c. €50m with a debt tenor of 18 years.

The portfolio, which consists of two sites in Castilla la Mancha and one in Andalucía, are all in construction with the first already exporting power and scheduled to achieve commercial operations (COD) this month. Once fully operational, the sites will have a combined capacity of 115MWp, producing enough clean power to serve 51,424 homes. Power Purchase Agreements (PPAs) have been signed with three parties including Nestlé Spain and Nestlé Portugal, Huhtamaki and Holaluz1 who will use 70% of the power generated across the three projects over the next 10 years.

In a separate transaction, the Fund has also completed the acquisition of Ferme Eolienne Cruscades and Canet, a six-turbine onshore wind project near Narbonne, France. With a capacity of 13.4MW, the project will provide clean energy for over 5,500 households and is already under construction, with the Fund having acquired the asset from Samfi Energy. 

Anthony Doherty, Chief Investment Officer at NTR:

“This is a substantial financing which we have successfully closed in a more challenging environment, proving that quality clean power projects and a strong sponsor can still attract favourable terms. We are delighted to continue our strong relationship with NordLB and to have them involved in this project, which is helping to accelerate the energy transition across Europe. Both announcements today are significant milestones for the fund as, together with LGIM, we work hard to deliver new renewable energy installations which play an important role in meeting vital climate goals.”

Heiko Ludwig, Global Head of Structured Finance at NordLB: “The successful closing of Garcia Lorca underlines our ongoing commitment to the build out of renewable energy in Europe with the Spanish market currently being very active. We are very happy to support our decade long client NTR with our structuring expertise to find tailor-made solutions for projects to enable an efficient and attractive financing package. Globally, we expect a growing demand for project financing of renewable and infrastructure assets for the next years and as such strong relationships between project sponsors and banks will be key.”
Bill Hughes, Global Head of Real Assets at LGIM: “Following our first close of the Fund in the Spring, we’re delighted to be able to announce continued positive momentum on capital deployment with these latest additions to the Clean Power (Europe) Fund portfolio. With their combination of strong income characteristics and sustainability credentials, we believe these assets represent a compelling opportunity for institutional investors looking to play their role in delivering the clean power transition.”

Pinsent Masons acted on behalf of the Fund for the financing, with Vector Renewables providing technical advice and Squire Patton Boggs legal advice on behalf of NordLB. Advisers for the Cruscades and Canet acquisition included Pinsent Masons (legal) and Everoze (technical) for NTR, and the vendor’s advisers included LPA CGR (legal) and Vulcain (financial).

In April 2023, LGIM and NTR announced that €390 million in committed capital and co-investment opportunity had been raised in the first close of the Clean Power (Europe) Fund.


1For illustrative purposes only. Reference to a particular security is on a historic basis and does not mean that the security is currently held or will be held within an LGIM portfolio. The above information does not constitute a recommendation to buy or sell any security.

Important Information: For professional clients only. The value of an investment and any income taken from it is not guaranteed and can go down as well as up, you may not get back the amount you originally invested. Views expressed are of LGIM as at 13 July 2023. The Information in this document (a) is for information purposes only and we are not soliciting any action based on it, and (b) is not a recommendation to buy or sell securities or pursue a particular investment strategy; and (c) is not investment, legal, regulatory or tax advice. 

Further information

Will Throp2

Will Throp

Communications Manager

Legal & General Investment Management

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Notes to editors

Established in 1836, Legal & General is one of the UK’s leading financial services groups and a major global investor, with £1.2 trillion in total assets under management (as at FY23) of which c40% (circa £0.5 trillion) is international.

We have a highly synergistic business model, which continues to drive strong returns. We are a leading international player in Institutional Retirement, in Retail Savings and Protection, and in both public and private markets through our Asset Management division. Across the Group, we are committed to responsible investing and dedicated to serving the long-term savings and investment needs of customers and society.

As at 7 June 2024, we estimate the Group’s Solvency II coverage ratio to be 224%.

As at 11 June 2024, Legal & General has a market capitalisation of £14.6 billion.

LGIM is one of Europe’s largest asset managers and a major global investor, with total assets under management of £1.2 trillion1 ($1.5tn, €1.3tn, CHF 1.2tn). 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.

1Data as at 31 December 2023. Data combines assets under management by LGIM in the UK, LGIMA in the US and LGIM Asia in Hong Kong. Assets under management include securities and derivatives positions.