NTR Raises €50m Project Debt Finance from Nord/LB for Two Irish Wind Projects
First Irish contract with Senvion is successfully financed
Dublin, March 20, 2017: NTR announces today that it has successfully closed two project debt facilities back-to-back in a matter of weeks with Nord/LB totalling €50 million. The debt facilities will be utilised to finance the construction of the Coollegrean windfarm, a 17 MW windfarm based in Co. Kerry, Republic of Ireland and the Teevurcher windfarm, a 9 MW windfarm, located in Co. Meath, Republic of Ireland.
NTR’s Chief Financial Officer, Marie Joyce said; “NTR has had a longstanding and successful relationship with Nord/LB in financing our wind projects in the USA and we are delighted to now transact with Nord/LB in the Irish market in which they have a very strong presence.”
Daniya Stewart, Director Energy Origination Nord/LB said; “Nord/LB has financed over 1GW of Irish Wind Projects. We are delighted to build on this experience in the Irish market and our international relationship with NTR by providing long-term financing for Teevurcher and Coollegrean.”
The Teevurcher windfarm is the first project in the Republic of Ireland to finance and install Senvion turbines. Five Senvion MM82 wind turbines will be delivered to site later this summer. This is the second contract to be signed between Senvion and NTR following the conclusion of the agreement last year for Senvion to supply turbines for NTR’s Quixwood Moor Windfarm in the Scottish Borders.
Construction is also well underway on the Coollegrean windfarm, which comprises seven Nordex N90 wind turbines.
Mason Hayes & Curran acted as advisors to NTR on both project finance transactions and A&L Goodbody were advisors to Nord/LB.
Both projects will operate a Supplier Lite PPA model and NTR has appointed ElectroRoute as their trading partner for the two assets.
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Issued on behalf of NTR by Heneghan PR
Enquiries: Nigel Heneghan – Phone + 353 (0)86 258 7206 – Email: nigel@hpr.ie
Notes to editors
NTR Wind 1 LP Fund – NTR Wind 1 LP 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.