Irish renewable energy firm NTR expands portfolio in €95m project
Irish renewable energy firm NTR has announced the expansion of its onshore wind portfolio with the acquisition of the Twin Rivers wind project in Yorkshire.
NTR will take over the Twin Rivers project from current vendors InfraRed Environmental Infrastructure Fund and the Co-operative Group. The project will cost €95m to complete.
The latest purchase forms part of NTR’s Wind1 Fund which was set up to invest in wind projects in Ireland and the UK.
“Twin Rivers is an outstanding project to add to our portfolio. It has a strong wind energy assessment and will be eligible for the Renewables Obligation (ROC) regime, as it goes into operation later this month. We expect to put in place a new power purchase agreement and debt financing structure in 2017 which will further enhance the quality of the project for the fund,” said NTR’s Chief Investment Officer, Manus O’Donnell.
The Twin Towers purchase will be NTR’s tenth in the UK and Ireland. The project consists of 14 specialised wind turbines and will provide enough clean energy to power 20,500 homes.
“The sale of Twin Rivers to NTR is an important milestone for InfraRed and our partners the Co-op and is further evidence of the success of our value add approach in developing greenfield renewable energy projects,” James Hall-Smith of InfraRed Capital Partners said.
NTR says it intends to develop a second infrastructure investment fund next year.