NTR Adds 29MW to its Wind Fund Portfolio
NTR Acquires 29MW Twin Rivers Windfarm from Co-operative Group and InfraRed Capital Partners
Dublin, December 12, 2016: NTR has added a further 29MW to its onshore NTR Wind 1 LP fund portfolio, with the acquisition of Twin Rivers, a 28.7MW 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.
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.
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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 Wind 1 LP Fund – the NTR Wind 1 Fund was launched in 2015 by NTR plc to invest in onshore wind projects in Ireland and the UK. LP investors of the fund are NTR plc, Legal & General Capital, Strathclyde Pension Fund and the Ireland Strategic Investment Fund.
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.
InfraRed Environmental Infrastructure Fund – InfraRed Environmental Infrastructure Fund was launched in 2010 to invest in renewable and renewable enabling projects.
InfraRed Capital Partners manage more than US$9bn of equity capital in multiple private and listed funds, primarily for institutional investors across the globe with an infrastructure investment track-record that stretches 18 years back.
The Co-operative Group – The Co-operative Group, one of the world’s largest consumer co-operatives, with interests across food, funerals, insurance, electrical and legal services, has a clear purpose of championing a better way of doing business for you and your communities. Owned by millions of UK consumers, The Co-operative Group operates a total of 3,750 outlets, with more than 70,000 employees and an annual turnover of approximately £10 billion.