NTR and Nord/LB Close Two Further Project Financings For A Combined €45 million
Dublin, September 17, 2019: NTR plc today announces that it has attracted commitments of €229 million for the NTR Renewable Energy Income Fund II, of which €145 million has been secured for the fund’s first close. The fund is targeting €500 million and will invest in both pre-construction and operational onshore wind and solar projects across a number of European markets, together with energy storage that is associated with the wind and solar projects owned by the fund.
NTR announces today that it has successfully closed two project debt facilities back-to-back in recent weeks with Nord/LB for a combined €45 million. The debt facilities are being used to finance the construction of two wind farms in the Republic of Ireland, both of which are expected to be fully constructed by the end of 2019 in time for awarding of the Irish government REFIT tariff.
The projects – Boolard wind farm located in County Cork, Ireland and Aeolus wind farm located in County Mayo, Ireland – will add a further 32MW of installed clean power to the Irish power system. They make up the final two projects under construction of NTR’s Wind 1 LP Fund, which commenced investments in onshore wind in late 2015, bringing the total capacity of the fund to just under 225 MW.
NTR’s Chief Financial Officer, Marie Joyce said; “These financings continue a long and successful relationship with Nord L/B, whereby to date between our two renewable energy funds, Nord has provided debt finance for the construction of 72 MW of new, clean power. ”
Alan Harling, Senior Director, NORD/LB Energy Origination Europe, added; “We are delighted to once again support NTR in their journey to establish themselves as one of the leading renewable generators across Europe. NTR are a professional team with great experience in the renewables sector and NORD/LB are looking forward to working with them in the coming years and strengthening the already strong relationship.”
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Issued on behalf of NTR plc by Heneghan PR
Enquiries: Emma Gallagher; Phone + 353 (1) 660 7395; Email: emma@hpr.ie
Notes to editors:
About NTR
NTR is a sustainable infrastructure investor and asset manager that acquires, constructs and manages renewable energy projects. NTR has constructed and operated 2GW of wind projects and 630 MW of solar projects across Europe and the US.
NTR’s first fund, NTR Wind 1 LP, was launched in 2015 to invest in pre-construction onshore wind projects in Ireland and the UK. This fund has investments of just under 225 MW of wind projects. LP investors of the fund are NTR plc, Legal & General Capital, Strathclyde Pension Fund and the Ireland Strategic Investment Fund.
NTR’s second sustainable infrastructure fund, NTR Renewable Energy Income Fund II, targeting €500 million, invests in both pre-construction and operational onshore wind and solar projects across a number of European markets. To date, NTR has acquired over 270MW of wind and solar projects for this fund.
About NORD/LB
NORD/LB Norddeutsche Landesbank is, with total assets of € 145 billion, one of the leading German commercial banks. Its core business areas include transactions with corporate customers, private and commercial customers including private banking, as well as structured financing in the energy and infrastructure sector, for aircraft and for commercial real estate. The bank is based in Hanover, Braunschweig and Magdeburg and also has offices in Bremen, Oldenburg, Hamburg, Schwerin, Düsseldorf, Munich and Stuttgart. Outside of Germany, NORD/LB is represented as a mortgage bank (NORD/LB Covered Bond Bank) in Luxembourg and also has offices in London, New York, Singapore and Shanghai.