Dublin based investment manager NTR has announced the launch of a second renewable energy income fund, having secured €229m of commitments from investors.

The company is hoping to grow the NTR Renewable Energy Income Fund II to €500m, having already secured initial commitments form Legal & General Capital, the local government pension scheme Brunel Pension Partnership and the European Investment Bank.

It invests in pre-construction and operational onshore wind and solar projects across Europe and in energy storage innovations associated with wind and solar projects owned by the fund.

John Bromley, head of Clean Energy Strategy at Legal & General Capital, said the decision to back the fund is in keeping with its commitment to investing for the long-term.

He said: “We are investing our patient capital in businesses, innovative technology and infrastructure that will help deliver clean and affordable energy to the UK, benefitting our society, economy and environment.

“We believe that a step-change is needed in the level of investment in renewable energy, so are pleased to be a cornerstone investor.”

L&G will match 20% of all funds raised with its own investments, up to a maximum of €100m. The European Investment Bank (EIB) is also investing up to €84m equity in the fund, which is guaranteed by the European Fund for Strategic Investments or the Juncker Plan.

Richard Fanshawe, head of Private Markets at the Brunel Pension Partnership, said NTR Renewable Energy Fund II is one of the first two infrastructure investments that the local government pension scheme pool has made since its formation in 2017.

“Brunel is pleased to be backing NTR’s experienced and capable team to deliver a portfolio of predominantly greenfield renewable energy generation assets in Western Europe,” he said.

“This fund is a good fit with both our clients’ return expectations from infrastructure, but also their combined commitment to be responsible, long-term owners of sustainable investments.”