| 5.7°C Dublin

NTR inks Nordic power deal with utility firm

Close

NTR chief executive Rosheen McGuckian

NTR chief executive Rosheen McGuckian

NTR chief executive Rosheen McGuckian

Wind energy firm NTR, which is controlled by chairman Tom Roche and his family, has secured a power purchase agreement (PPA) with a European utility as part of its financing of 94MW of wind projects in Sweden and Finland.

The unnamed utility will take 70pc of the power generated by 69MW of sites within the portfolio. Two other projects in the portfolio will continue to avail of existing revenue arrangements, said NTR.

One of those two projects is a 10MW site that has an offtake arrangement with an industrial pulp mill in Sweden.

German bank Nord/LB was mandated by NTR to provide €37m of debt facilities to the portfolio of three projects, which became operational between 2009 and 2014.

NTR spent €180m last year buying wind energy projects in Sweden and Finland. The 200MW portfolio included three operational windfarms generating up to 94MW of power.

"This combined portfolio debt and PPA transaction secures attractive and reliable long-term income for our investors from a portfolio of quality wind assets," said NTR chief investment officer Manus O'Donnell.

The latest deal struck by NTR, whose chief executive is Rosheen McGuckian, follows a recent transaction that saw the company add a 19MW wind energy project to just over 290MW of wind and solar projects across five countries in the NTR Renewable Energy Income Fund II.

Two NTR funds now house 515MW of wind and solar projects.

Irish Independent