Irish alternative energy company NTR is planning to raise debt financing and launch an investment fund in 2017 as it looks to enhance its fast-growing portfolio of wind farm assets in Ireland and the UK.
The Dublin-based company yesterday announced the purchase of the 28.7 megawatt Twin Rivers wind farm, in Yorkshire, which will cost €95m to complete.
The project is the 10th acquisition of the NTR Wind 1 onshore fund, which was launched last year and is backed by the likes of the Ireland Strategic Investment Fund and British financial services group Legal & General.
“We expect to put in place a new power purchase agreement and debt financing structure in the first quarter of 2017 which will further enhance the quality of the project for the fund,” said NTR’s chief investment officer Manus O’Donnell.
The company added it is currently “putting together” plans for its second sustainable infrastructure fund, which it expects to launch in 2017.
The Twin Rivers deal brings to 170MW the size of NTR’s current fund’s investments. The project — due to be operational before the end of the year — will provide enough clean energy to power 20,500 homes.
“We have experienced a very strong momentum in identifying, acquiring and financing wind projects throughout the year, which will provide attractive long-term yields,” said CEO Rosheen McGuckian.
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