Irish investor NTR fund acquires nine solar assets in the UK for €61m
Irish investor NTR Renewable Energy Income Fund (II) has acquired nine operational solar assets in the UK for a total consideration of €61.3m.
Included in the price is a deferred consideration amount of €2.6m, which will be paid on the completion of certain conditions.
The ground mount assets have a total capacity of 38.4 megawatts.
This is the first transaction for the fund, which invests in onshore wind and solar assets across a number of European markets. Its first renewable energy infrastructure fund, which was launched in 2015, is now fully invested.
The assets were developed by Plus Renewable Technologies, a global renewable energy and technology company that delivers renewable energy projects and asset management services.
"Our strategy for the NTR Renewable Energy Income Fund II is to acquire both pre-construction and operational European onshore wind and solar assets, with the operational assets providing immediate yield on investment while the pre-construction assets are being built out," Rosheen McGuckian, CEO of NTR, said.
"We are very pleased with this, our first acquisition for the fund, which consists of a well-diversified portfolio of attractive cash yielding solar assets, providing long-term contracted revenues for our investors from the get-go."