NTR to add 15 megawatts of capacity with windfarm
Published 01/07/2015 | 02:30
NTR has acquired a windfarm project in Northern Ireland that will produce enough electricity for 10,000 homes.
NTR acquired the Ora More project in Co Fermanagh from Renewable Energy Systems.
It's expected to start working in the final quarter of next year. The 15-megawatt facility will cost at least £23m (€32m) to build, funded through equity and debt, NTR said in a website statement.
NTR is seeking to build and deploy 175 megawatts of wind in the UK and Ireland over the next two years that's expected to require a total investment of as much as €400m, it said in yesterday's statement.
The company said it's in the "final stages" of talks on further projects.
"The Ora More wind project is a significant addition to our wind fleet in Northern Ireland, where we also have 12 single turbine projects under construction and in operation," according to chief executive Rosheen McGuckian.
"RES has developed an outstanding project and we are very pleased to have the opportunity to acquire Ora More at this point. NTR intends to construct the project and operate it over its lifetime," she added.
The deal is the first so called multi-turbine transaction in NTR's target to operate circa 175MW of wind over the coming two years across the Irish and UK wind markets.
NTR plans to invest €150m of equity, €50m of which comes from NTR and €100m from other equity partners, together with circa €250m of project debt, bringing the total capital investment in Irish and UK onshore wind projects up to €400m.
NTR made a profit of €35.7m for the financial year 2015.