£27.3 Million Debt Facility Secured by NTR plc for 18MW Wind Project (£90 million (c.€100m) debt finance raised over past six months)
Dublin, October 18, 2016: NTR plc announces today that it has successfully closed its second project debt facilitiy this year with Ulster Bank Ireland DAC with the financial close of a £27.3 million (c. €30 million) project finance debt facility. This debt facility will be utilised to finance the construction of the Altaveedan wind farm, a 18 MW wind farm based in Co. Antrim, Northern Ireland, acquired by NTR in May. With construction underway, Altaveedan is expected to be operational in the spring of 2017.
NTR’s Chief Financial Officer, Marie Joyce said; “We are very pleased to have partnered once again with Ulster Bank on this transaction. This is the second facility transacted with Ulster Bank and the third financing successfully closed by NTR within the past six months raising just over £90 million (c.€100 million) senior debt to finance the construction of 57MW across three projects.”
Head of Corporate Banking and Capital Markets for Ulster Bank, Stephen Masterson said: “Ulster Bank is delighted to continue to support NTR as a leading and dynamic operator in the growing renewables market through the Altaveedan wind farm in Co. Antrim. As a Bank we are determined to support sustainable businesses and clean energy and NTR is foremost in this regard.”
The Altaveedan wind project will deploy nine Enercon 2MW turbines and will generate enough electricity to power approximately 15,000 homes with clean energy. NTR has entered into a power purchase agreement (PPA) with SSE Airtricity, SSE plc’s retail energy brand operating in Ireland’s all-island Single Electricity Market (SEM). The agreement is for a period of 15 years covering existing SEM arrangements as well as new market design arrangements under the Integrated Single Electricity Market (I-SEM), due to come into operation by the end of 2017. This is the second such PPA that NTR has entered into with SSE Airtricity, following the similar agreement earlier this year for NTR’s 15MW Ora More wind farm in Co. Fermanagh.
Carson McDowell acted as advisors to NTR and A&L Goodbody were advisors to Ulster Bank. Everoze acted as technical advisors for Ulster Bank.
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Issued on behalf of NTR plc by Heneghan PR
Enquiries: Nigel Heneghan Phone: + 353 (0)86 258 7206 – Email: nigel@hpr.ie
Notes to editors:
NTR plc – With almost 40 years of experience in investing in and managing infrastructure assets, NTR plc now applies that expertise on behalf of investors who wish to avail of the attractive, reliable cash flows that quality sustainable infrastructure assets can provide.
Our immediate term focus is to complete our third investment cycle in onshore wind projects, adding circa 250MW-300MW to the projects already built and operated by the group over two previous investment cycles. Since 1999, through our associated companies, NTR has constructed and operated 1.75GW of wind projects across the US, UK and Ireland.