Saturday 23 February 2019

NTR eyes €500m for energy fund as EIB gets on board

Pipeline: NTR, headed by CEO Rosheen McGuckian, is targeting other investments
Pipeline: NTR, headed by CEO Rosheen McGuckian, is targeting other investments
John Mulligan

John Mulligan

NTR has secured commitments of €229m for its second renewable energy fund, with a target of raising €500m.

The company said it has secured €145m for the first close of the fund, and will invest in pre-construction and operational onshore wind and solar projects across a number of European markets.

It's also investing in energy-storage projects associated with wind and solar facilities owned by the fund.

The European Investment Bank is investing up to €84m of equity in the fund, which is guaranteed by the European Fund for Strategic Investments, or Juncker Plan. This represents its first ever backing for investment through an Irish Collective Asset-management Vehicle (ICAV).

NTR, whose CEO is Rosheen McGuckian, is almost entirely controlled by the Roche family.

In 2016, NTR closed a €250m wind-energy equity fund, with €50m committed by Strathclyde Pension Fund, and €35m from the Ireland Strategic Investment Fund, which is controlled by the National Treasury Management Agency.

Legal & General Capital took a 47pc stake in the first NTR fund, while NTR invested €50m.

Legal & General Capital is also the cornerstone investor in the second fund being raised by NTR.

Legal & General Capital said it will match 20pc of all funds raised, up to €100m, in the NTR fund.

Another first close investor in the latest NTR fund is the Brunel Pension Partnership, a UK Local Government Pension Scheme pool.

Another investor is the Trinity Endowment Fund, a collection of endowments by benefactors who have given to Trinity College Dublin since its foundation.

NTR has already made three acquisitions for the latest fund, providing a combined capacity of 57MW of energy. These include two wind farms in France and a portfolio of nine solar projects in the UK. The fund has an active pipeline of further investments across its target European markets.

Irish Independent

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