NTR’s 86 MW Norra Vedbo Wind Farm Reaches Financial Close, Reichmuth Infrastructure Fund to Co-invest in Project and SEB to Provide Debt Finance
Dublin, May 17, 2021: NTR today announced the €115m financial close of its 86MW Norra Vedbo wind farm located in the county of Jönköping, in Southern Sweden. Reichmuth Infrastructure II CIP joins as co-investor into the project alongside NTR’s Renewable Energy Income Fund II, while Skandinaviska Enskilda Banken AB (SEB), is providing debt finance.
Said Rosheen McGuckian, CEO, NTR; “We are delighted to welcome Reichmuth Infrastructure as co-owners of the Norra Vedbo project, having the same ambition as ourselves to construct and operate quality renewable energy projects in order to address the urgency of the European energy transition. We are equally delighted to work with SEB, Sweden’s leading structured finance bank, as providers of the debt facility for the project.”
The Norra Vedbo project consists of 20 Vestas V150 turbines, each with an installed capacity of 4.3MW and once operational, it is estimated that the project will produce enough clean power to serve the annual consumption of c. 44,000 households. The project is expected to enter operations in Q4 2022 and NTR has signed a ten-year clean energy power purchase agreement for the project.
Niclas Wyss, Head of Infrastructure Investment of Reichmuth said; “As a specialised asset manager in private infrastructure, we are looking for sustainable and responsible investment solutions with attractive and stable returns. We are delighted to provide to our clients an attractive, long-term investment opportunity in Norra Vedbo wind farm. We are pleased to partner with NTR, an experienced and well-established renewables developer and investor, sharing the same vision and values as us, and jointly contributing to Europe’s “Green Deal” initiative of reaching climate neutrality by 2050.”
Having brought the project through its development stage to this important milestone, NTR will manage both the construction and continued operations of the project on behalf of both the NTR and Reichmuth funds. Once operational, Norra Vedbo brings to 165MW of wind managed by NTR in the Swedish market.
EY acted as financial advisor to NTR on the co-investment transaction. Legal advisors on the transaction to NTR were DLA Piper, while advisors to Reichmuth Infrastructure and SEB were Bird & Bird and Mannheimer Swartling.
– Ends –
Issued on behalf of NTR plc by Heneghan
Enquiries: Emma Flannery, Phone +353 87 924 9349; Email: emma@heneghan.ie / Nigel Heneghan, Phone +353 86 258 7296; Email: nigel@heneghan.ie
About Norra Vedbo Wind Farm
The wind farm will have 20 Vestas V150-4.3MW wind turbines. The expected average production of electricicy 295GWh per year, equivalient to the electricity consumption of c.44,000 households. The estimated commissioning date is Q4 2022. Major contractors on the wind farm are: Vestas (turbine supplier); Kanonaden Entreprenad AB (civil works); Lapplands Elnät i Jokkmokk AB (Electrical works), Natural Power (Owners Engineer), E.ON Energidistribution (grid connection).
About NTR
NTR is a sustainable infrastructure investor and asset manager that acquires, constructs and manages renewable energy projects. To date, NTR has developed, constructed and operated over 2,700 MW of wind, solar and energy storage projects in Europe and the USA.
Its first fund, NTR Wind 1 LP, was launched in 2015 to invest in pre-construction onshore wind projects in Ireland and the UK. Its second fund, NTR Renewable Energy Income Fund II, invests in both pre-construction and operational onshore wind and solar projects together with energy storage across a number of European markets.
About Reichmuth
Reichmuth Infrastructure is a specialised asset manager, part of the private banking group Reichmuth & Co, and since 2012 has focused on infrastructure investments in Switzerland and Europe in the areas of renewable energy, transportation and waste management. Reichmuth Infrastructure offers institutional investors access to sustainable and responsible investment solutions with attractive long-term returns, and thus makes an active contribution to decarbonisation and the green energy transition.