NTR raises fresh €66.5m of debt for wind farm projects
Toll road operator turned renewables business NTR has raised €66.5m of fresh debt.
The company said it would use the money to finance the building of new wind farms and refinance an existing wind farm.
The funds are being provided in three separate facilities, from AIB, Norddeutsche Landesbank, and Japanese bank Mitsubishi UFG.
The AIB money is being used to build Castlecraig, a 25-megawatt project in Co Tyrone. The Norddeutsche Landesbank money is being used for the construction of a wind farm at Rathnacally in Co Cork.
NTR said both of those projects are expected to go into operation this year.
The Mitsubishi money is being used to refinance an 11.5-megawatt wind farm located in East Renfrewshire in Scotland.
"This is a diversified group of blue chip banking partners working with NTR on our portfolio of wind projects for our NTR Wind 1 LP fund and providing competitive banking terms," said NTR's chief financial officer Marie Joyce in a statement on the company's website.
NTR declined to comment further on the deal when contacted by the Sunday Independent.
Investors in the Wind 1 fund include Legal and General Capital, Strathclyde Pension Fund and the Ireland Strategic Investment Fund.
Last summer the company said it was looking to raise €500m for a new fund known as 'Renewable Energy Income Fund 2'.
The company's website said it was planning to launch its 'Renewable Energy Income Fund 2' in 2017 and that it would "invest in wind and solar projects, together with some energy-storage projects in select European countries".
Currently the website says the second fund "is under development".
NTR hived off its European wind business three years ago with the remainder of its assets - including legacy toll road assets - being placed into an entity called Altas Investments.
The business - in which the Roche family are the largest shareholders - currently has assets in the Republic of Ireland, Northern Ireland, Scotland and England.
Sunday Indo Business