L&G and NTR raise €330m at first close of Clean Power Transition IV

Legal & General and NTR said on Oct. 15 that they have raised €330 million ($370 million) at the first close of the L&G NTR Clean Power Transition IV Fund. ESG Today first reported the raise. The vehicle is the second joint strategy between the UK financial services group and the sustainable infrastructure investor.

Four cornerstone investors backed the close; all had participated in the pair's previous fund, according to the firms. L&G had been a cornerstone investor in NTR's first two funds; the predecessor joint vehicle, L&G NTR Clean Power (Europe) Fund III, reached a final close in April 2025 with €607 million in total commitments.

The new mandate widens beyond clean power generation to take in the infrastructure that electrification requires, including energy storage and electricity grids. Three acquisitions have been completed to date: a battery energy storage system in Finland, a clean power development platform covering more than 1 GW of projects in Sweden, and a co-located solar PV and battery storage project in Ireland. The report did not provide purchase prices or funding details for the three assets.

The three acquisitions were completed by the time the first close was announced, while the fund continues to raise. At €330 million, the first close is a little more than half of the €607 million Fund III gathered by its final close in April 2025.

The firms framed the raise against an estimated €660 billion of annual investment required in clean power generation, grids, electrification and energy efficiency to support the EU's proposed target of raising electricity's share of energy consumption to 46% by 2040. That figure is the firms' estimate of the investment required, not a measure of capital committed.

The announcement said decarbonising transport, heat and industry will need continued investment in clean power generation alongside the storage, grid and connection infrastructure that enables it. "Infrastructure continues to be a cornerstone of global private markets investing, with no shortage of demand for clean power infrastructure," said Heather Mulahasani, managing director of real assets, asset management at L&G. The first close "answers this demand by evolving our clean power strategy and expanding the Global Real Assets offerings within L&G's private markets platform," she said.