Clean Power Fund Has Raised €330 Million at Close
Legal and General and NTR have launched their fourth fund to expand European energy storage and grid infrastructure.
Updated on Oct. 14, 2026 in Energy
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Legal and General and NTR have raised €330 million at the first close of the L&G NTR Clean Power Transition IV Fund. The capital will support a portfolio totaling 1.5GW of clean power generation and grid support assets across Finland, Sweden, and Ireland.
Why it matters
The fund shifts focus from simple renewable generation to the electrification-enabling infrastructure required to stabilize energy grids. It addresses a capital gap where Europe requires roughly €660 billion in annual investment to achieve its transition targets.
The initial portfolio includes a 125MW/250MWh battery system in Finland, a 1GW project pipeline in Sweden, and an Irish project featuring 138MWp solar PV with 200MW/400MWh battery storage.
The players
Legal and General
An international financial services firm acting as the fund manager with extensive expertise in institutional capital allocation.
NTR
A renewable energy investment specialist serving as the asset manager responsible for technical origination.
The details
The strategy targets infrastructure beyond generation, specifically battery energy storage systems (BESS) — chemical storage arrays that discharge electricity to manage grid frequency and load. These assets are supported by a project development platform intended to scale renewable connectivity. The partnership leverages NTR's technical asset management alongside the institutional capital scale of Legal and General.
Timeline
2015: The partnership between Legal and General and NTR was established.
2025: The previous L&G NTR Clean Power Fund III reached its final close.
2026: Construction is scheduled to commence at the Kandalos project in Finland.
2027: The Kandalos project is scheduled to begin commercial operations.
The Tech Race
This fund follows the success of the €640 million Fund III, signaling a continued market push toward specialized grid infrastructure. It competes against broader infrastructure funds by focusing specifically on the technical integration of storage and grid support technologies.
The deployment of these assets will focus on utility-scale grid stability and renewable energy capacity rather than consumer-facing hardware. Investors and industrial entities can monitor the fund's operational milestones in 2027 as a benchmark for the commercial viability of multi-gigawatt storage integration.
The takeaway
The fund highlights a strategic pivot toward storage-heavy grid infrastructure as the primary bottleneck for further renewable adoption. Readers should watch for the 2027 operational launch of the Kandalos project as a key indicator of the fund's execution success.
What happens next
Construction of the Kandalos project in Finland is slated to begin in 2026, with the site scheduled to enter operations in 2027.
Further reading
Learn more about the latest developments in the Energy sector and the technologies driving power grid modernization.
Source note: This article includes information reported by Real Assets.
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