A partnership between Irish renewable energy group NTR and London-based Legal & General (L&G) has acquired a 211-megawatt (MW) hybrid solar and battery storage project in Louth for an undisclosed sum.
The “ready-to-build” portfolio, dubbed Project Monvallet, consists of two special purpose vehicles owned by Irish energy group Strategic Power Projects (SPP).
SPP received planning permission for the project from Louth County Council in 2022 and has now sold it to a fund controlled by NTR and L&G.
Construction is set to begin this year on the solar farm element of the project and next year for the battery storage project.
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The solar component of the project has already secured a contract for difference under the Government’s Renewable Energy Support Scheme, the fund said in a statement on Wednesday.
“This is a fantastic co-located solar and BESS (battery energy storage system) project we’re announcing today, in a market we know well and one where we can look to deliver strong results for the fund’s investors,” said Anthony Doherty, NTR chief investment officer.
Bill Hughes, head of private markets at L&G, said: “Solar power remains one of the most cost-effective forms of energy generation, and energy storage is crucial for grid management.
“This acquisition underscores our targeted investment strategy, which focuses on the largest growth areas in the EU’s renewable energy sector.”
He said the partnership with NTR is a “a key part of our growing private markets platform and with a strong pipeline of capital deployment, we will continue to strengthen and diversify our portfolio”.
SPP chief executive Ryan McBirney said the group, which has 1 gigawatt of renewable energy at various stages of development, will continue to develop its pipeline in the Republic.
Its pipeline includes a contentious €140 million BESS project at Dunnstown near Two Mile House in rural Co Kildare, which has faced opposition from local residents, including billionaire John Malone.
Meanwhile, L&G NTR’s Clean Power Fund has now completed two solar transactions in the Republic in as many months.
In January, it acquired a 115-megawatt solar project in Co Offaly from renewable energy company RES.
