NTR buys Yorkshire-based wind project Twin Rivers
Project can power 20,500 homes and is due to be operational before end of year
Purchase of Twin Rivers is 10th acquisition of onshore wind assets in UK and Ireland by NTR Wind 1 fund. Photograph: Dara Mac Dónaill
NTR has acquired a new wind project in England, bulking up its NTR Wind 1 fund portfolio.
The company has bought Twin Rivers, a 28.7MW wind project located in Yorkshire from InfraRed Environmental Infrastructure Fund and the Co-operative Group with capital costs for the project expected at about £80 million (€95 million).
The project, which is expected to become operational before the end of the year, consists of 14 turbines and can power 20,500 homes.
“This is the 10th acquisition of onshore wind assets in the United Kingdom and Ireland by our NTR Wind 1 fund, bringing total MWs under management up to just over 170MW,” said chief executive Rosheen McGuckian.
“We have experienced a very strong momentum in identifying, acquiring and financing wind projects throughout the year, which will provide attractive long-term yields for our fund’s investors.”
The fund was set up by NTR to invest in onshore wind projects in Ireland and the UK, with its total equity and project finance capital requirement amounts expected to reach about €670 million.
A second sustainable infrastructure fund is expected to be launched in 2017.
James Hall-Smith of InfraRed Capital Partners said the sale was “an important milestone”.