NTR PLC secured €229 million of commitments for its NTR Renewable Energy Income Fund II, of which €145 million will be allotted for the fund's first close.
The fund aims to secure €500 million to invest in renewable projects including preconstruction and operational wind, solar and energy storage projects in Europe.
Investors for the fund include Legal & General Capital, European Investment Bank, which is investing up to €84 million in equity guaranteed by the European Fund for Strategic Investments, Brunel Pension Partnership, the university endowment fund of Trinity College Dublin and NTR.
In November 2018, the fund announced it had acquired nine operational solar assets in the U.K. with a combined capacity of 38.4 MW for €61.3 million. The following month, the fund purchased two wind projects in France with a combined capacity of 19 MW with a total capital investment of more than €35 million.