Irish firm NTR has announced the final close of its wind investment fund, NTR Wind 1.

An additional €50 million has also been secured from Strathclyde Pension Fund and €35 million from the Ireland Strategic Investment Fund.

Strathclyde Pension Fund and the Ireland Strategic Investment Fund join previously announced investors NTR and Legal & General Capital, bringing the equity in the fund to a total of €250 million.

NTR Wind 1 Fund was launched by NTR to invest in onshore wind projects in Ireland and the UK. At around 270MW of capacity, the fund's total equity and project finance capital requirement amounts to approximately €670m. NTR Chief Executive Rosheen McGuckian said: "We are delighted to have attracted such calibre of institutional money into this, our first wind management fund. The line up of institutional investment partners that have come into the fund is a validation of NTR's track record and of our proposition to make long term investments in attractive yielding renewable assets."

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Chair of Strathcyde Pension Fund and City Treasurer at Glasgow City Council, Bailie Philip Braat said: "Strathclyde has been steadily increasing its involvement in renewable energy and the €50 million we are committing to NTR today is one of our biggest investments in wind power to date. The assets NTR has, both under construction and in the pipeline, make this a solid opportunity for our members and when you look at the money the fund has been able to attract, we feel we are in very good company."

(CD)