NTR completes €370m refinancing for windfarm fund
Package replaces individual investment in projects
Renewable energy investment company said it has completed a €370 million portfolio refinance of a 220 MW onshore wind portfolio for its NTR Wind 1 LP fund.
Five lenders, including AIB, LBBW, Santander, Natwest/Ulster Bank and Siemens Financial Services have been named as lead arrangers in the move, which comprises term loan facilities of around €350 million and €20 million of revolving credit and debt service reserve facilities.
The financing replaces existing individual project financing packages. All projects in the NTR Wind 1 fund are currently in operation, with 220 MW in 12 onshore wind farms located in Ireland and the UK.
“NTR is delighted with the outcome of this refinance where we achieved all of our objectives regarding terms and flexibility, notwithstanding the COVID-19 uncertainties,” said Anthony Doherty, NTR’s group corporate finance director. “This is reflective of the quality of the assets across the whole portfolio, underpinned by NTR’s market leading operational expertise.”
It is estimated that the portfolio offsets circa 125,000 tonnes of CO2 emissions per annum and powers over 130,000 homes with clean energy.
“The renewable energy sector has performed well as an infrastructure asset class through the Covid pandemic and this refinance demonstrates there is continued strong appetite for quality assets,” said chief executive of NTR Rosheen McGuckian. “Our fleet of wind and solar assets under management across Europe continues to grow with projects located in over 40 locations across Ireland, the UK, France, Sweden and Finland. ”