NTR is planning to construct, commission and operate a minimum of 18 250 kilowatt wind farm projects across Northern Ireland within the next 12 months.
The Dublin-based renewable energy-focused utility stated its plans via its announcement yesterday that it has acquired 14 250KW single turbine wind power projects in the North, via the takeover of the energy division of KN Network Services, for an undisclosed sum.
“We have identified the smaller single turbine sector of the UK wind market as being particularly attractive, with projects of this size delivering strong cash yields over a 20-year period, while at the same time diversifying risk across bite-sized investments,” noted NTR’s chief executive Rosheen McGuckian yesterday.
The additional projects acquired via KN Energy include four operational sites and a further 10 development projects, most of which are at an advanced stage of development.
NTR will manage the assets from its Dublin base, but will outsource their day-to-day maintenance to a partner based in Omagh. The group added that further projects in the North will be considered.
The announcement also forms part of NTR’s plan to invest around €50m in 150 megawatts worth of construction-ready European wind farm projects — mainly across Ireland, Britain and the Nordicregion — in the next few years.
Late-stage development wind projects — ranging in size from 225kw to 40mw — are being sought as the group builds its European platform.
Ms McGuckian said that the KN Energy deal marks “an important milestone” in fulfilling the plans.
“The transaction comprises a top class portfolio of projects that have been well-developed to date, and we expect them to be revenue-generating assets in the near-term,” she added.
NTR is reviewing via external advisors the possibility of a widespread US asset sale which should be decided upon before the end of the year.
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