L&G makes major clean energy investment.
Legal & General Capital has invested in clean energy investment and asset management business, NTR Wind Management Ltd, a subsidiary of NTR plc, and committed to build an onshore wind portfolio through the first close of a fund targeting €250m.
The fund will build up to 270MW in capacity, which could generate sufficient electricity to power up to 170,000 homes and avoid more than 300,000tonnes of CO2 per annum across the UK and Ireland.
Legal & General's clean energy investment strategy is focusing on wind and solar power in the short term. Latest innovations in technology mean investing at scale will now allow for a continued fall in price for the end consumer. Legal & General has a target of spending ,~15bn on UK infrastructure, with a focus on sectors that are key for the success of the UK generally: housing and urban regeneration, transport and clean energy. It is just starting its investment into clean energy, having spent ,~6.6bn on UK infrastructure so far.