UK asset management group Legal and General Asset Management has indicated it will pursue further investments in Ireland's renewable energy sector, driven by growing energy security needs across Europe and increasing demand from the firm's institutional clients. L&G has committed over €600 million of private capital to green energy infrastructure across Europe to date, with Ireland identified as a core market within its clean power strategy.

The Irish Independent reported that the ISIF-backed L&G NTR Clean Power Europe Fund acquired the 105 MW Ballydonagh Solar project in Co Galway last year, with further Irish deals now actively being sought.

Eric Adler, chief executive of L&G's Asset Management division, said Ireland is absolutely in the investment horizon of the fund and that the firm would be competitive in pursuing clean power deals as they arise. He said the firm has Irish assets, is domestically based through its Dublin operations, and has a strong understanding of the local market.

Adler said Europe's supportive regulatory framework and the growing need for energy security are key drivers of the transition to low-carbon energy, and that L&G's involvement in Irish and European projects demonstrates the vital role that long-term private capital can play in delivering renewable infrastructure and supporting decarbonisation while generating sustainable returns for investors.

Dublin has been the headquarters of L&G Asset Management Europe since 2018, with 43 people managing a significant portion of the group's £1.1 trillion in assets under management. Adler also identified data centres in Ireland as a potential further investment target for the group.

Read the full report on L&G's Irish renewables investment strategy.