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L&G NTR fund buys 10% of 714MW East Anglia 1

RICHARD HEAP

May 1, 2024

The European clean power fund run by Legal & General Investment Management and NTR has bought a 10% stake in the 714MW East Anglia 1 offshore wind farm from Macquarie Asset Management (MAM).

The L&G NTR Clean Power (Europe) Fund has bought the stake alongside the Development Bank of Japan. East Anglia 1 was commissioned in 2019 and is made up of 102 Siemens Gamesa turbines. Iberdrola is the project’s majority shareholder (60%), while Macquarie Asset Management will hold 30% after this deal.

Anthony Doherty, chief investment officer at NTR, said: “Following recent investments in solar and onshore wind, this latest investment in offshore wind further diversifies the Fund’s allocation by both asset type and geography. Providing clean power for over 630,000 homes across the UK, East Anglia One Offshore wind farm is one of the country’s largest projects of its type and it’s hugely exciting to be part of it.”

Bill Hughes, global head of real assets at LGIM, said: “Marking its first investment in the UK, the East Anglia One Offshore wind farm is a fantastic milestone for the Fund. With a strong pipeline of capital deployment, we continue to strengthen and diversify our portfolio; seeking to deliver significant growth opportunities for long-term investors who are looking to tap into the European energy transition story. The L&G NTR Clean Power Europe Fund is an exemplar partnership, and so we’re pleased to build on this: co-investing alongside Development Bank of Japan.”

Edward Northam, global head of core renewables at MAM Green Investments, said: “The UK has some of the best wind resources in Europe. This potential has been harnessed through landmark projects such as East Anglia One, making the UK a global leader in offshore wind. We are proud of the role we’ve played in supporting the construction and operation of this important project.”