NTR completes on an initial €65 Million Financing Deal with Rabobank and Siemens Financial Services
Funding will enable the construction phase of Irish ready-to-build solar and BESS co-location portfolio for the L&G NTR Clean Power (Europe) III Fund
NTR completes on an initial €65 Million Financing Deal with Rabobank and Siemens Financial Services
Funding will enable the construction phase of Irish ready-to-build solar and BESS co-location portfolio for the L&G NTR Clean Power (Europe) III Fund
Dublin, 17 September 2025:
NTR is pleased to announce that it has successfully completed the financing of Monvallet- a Ready-to-Build (“RtB”) solar and Battery Energy Storage System (“BESS”) portfolio – in partnership with Rabobank and Siemens Financial Services through Siemens Bank, who have provided an initial €65 million in debt for the first two solar projects as part of a wider potential portfolio financing facility.
Situated in County Louth, Ireland, Monvallet is a RtB solar and BESS portfolio, with a combined capacity of over 211 MW, which was acquired earlier this year for the L&G NTR Clean Power (Europe) Fund III. The project consists of two special purpose vehicles, Monvallet Solar Ltd and Hazelboro Ltd, which have a grid connection and planning permission in place. Hazelboro has a contract for difference in place under the Irish Renewable Electricity Support Scheme (RESS 2), with Monvallet’s solar asset targeting a Corporate PPA partner.
The financing is structured as an initial committed term loan funding of €65m, with ancillary facilities. The financing includes accordion assets – enabling additional financing under certain terms – to allow scope to leverage both the BESS portion of the project, and further solar and BESS projects in Ireland, including a 115 MW solar project also owned by the Fund.
The L&G NTR Clean Power (Europe) Fund III is a joint partnership between NTR, a leading renewable energy specialist, and L&G’s Asset Management division, a major global investor.
NTR has previously partnered with Rabobank for a c.£38 million combined financing of Murley Wind Farm and Ockendon Solar Farm in 2022, and with Siemens Financial Services on a €370 million portfolio refinancing in 2020.
Nick Forster, Head of Structured Finance for NTR commented:
“We are pleased to have collaborated with Rabobank and Siemens Financial Services on this innovative financing, which enables us to retain agility at each stage of our ambitious roll out of clean power and storage in Ireland while preserving sustainable returns for investors.”
Siobhan Smyth, Head of Project and Structured Debt Europe/Asia at Siemens Financial Services
and CEO of Siemens Bank commented:
“We are proud to enable this future-oriented integration of solar power and battery storage systems. This powerful combination strengthens security of supply while accelerating Ireland’s energy transition – underlining our commitment at Siemens Financial Services to provide innovative financing solutions for sustainable infrastructure.”
Sanne van Bemmel, Director Project Finance at Rabobank commented:
“Rabobank is pleased to continue to support leading developer of renewable energy projects NTR in structuring and financing the first two solar assets within this solar and BESS portfolio. Both projects will directly contribute to the decarbonization goals in Ireland, making this transaction a perfect fit with Rabobank’s mission to be the bank of the energy transition.”
Lenders´ advisors were DLA Piper(legal); Everoze (technical): and Howden (insurance). NTR´s legal advisors were Pinsent Masons and A&L Goodbody
– ENDS –
Media Enquiries:
Gilly Lock/ Louisa Henry
Sodali & Co
Telephone: +44 207 100 6451
Email: ntr@sodali.com
About the L&G NTR Clean Power (Europe Fund):
The L&G NTR Clean Power (Europe) Fund combines the stewardship and institutional network of L&G with the sustainable infrastructure expertise of NTR to tackle the climate emergency. An SFDR Article 9 fund with sustainable goals as its objective, the Fund provides an opportunity for investors to deploy capital into clean energy projects that will drive Europe’s renewable energy transition. The Fund invests in the development, construction and operation of wind, solar and energy storage assets, aiming to offer exposure to a diversified portfolio of proven technologies across a number of European countries.