NTR has added a further 29 MW to its onshore NTR Wind 1 fund portfolio, with the acquisition of Twin Rivers, a 28.7 MW wind project located in Yorkshire, England from joint vendors InfraRed Environmental Infrastructure Fund and the Co-operative Group (“Co-op”).
Capital costs for the project amount to just over £80 million (€95 million).
“This is the tenth acquisition of onshore wind assets in the United Kingdom and Ireland by our NTR Wind 1 fund, bringing total MWs under management up to just over 170MW. We have experienced a very strong momentum in identifying, acquiring and financing wind projects throughout the year, which will provide attractive long-term yields for our fund’s investors;” said NTR Chief Executive Officer, Rosheen McGuckian.
Twin Rivers is an outstanding project to add to our portfolio
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NTR’s Chief Investment Officer, Manus O’Donnell said: “Twin Rivers is an outstanding project to add to our portfolio. It has a strong wind energy assessment and will be eligible for the Renewables Obligation (ROC) regime, as it goes into operation later this month. We expect to put in place a new power purchase agreement and debt financing structure in Q1 2017 which will further enhance the quality of the project for the fund.”
The project consists of 14 Senvion MM92 turbines and will provide enough clean energy to power 20,500 homes. The project is fully constructed and is expected to enter into operations before the end of the year.
James Hall-Smith of InfraRed Capital Partners said; “‘The sale of Twin Rivers to NTR is an important milestone for InfraRed and our partners the Co-op and is further evidence of the success of our value add approach in developing greenfield renewable energy projects.”
NTR Wind 1 Fund was launched by NTR plc to invest in onshore wind projects in Ireland and the UK.
The fund’s expected total equity and project finance capital requirement amounts to approximately €670 million. The fund is well underway in deploying into ready to build onshore wind assets with an active pipeline of further investments across the UK and Irish markets. NTR is currently putting together plans for its second sustainable infrastructure fund, which it expects to launch in 2017.