NTR fund acquires nine solar assets in the UK for €61.3m

Sustainable infrastructure fund makes first investment

Photograph: iStock

Photograph: iStock

 

NTR’s sustainable infrastructure fund has acquired nine solar assets in the UK for €61.3 million.

The purchase price of the 38.4MW solar assets includes a deferred consideration of €2.6 million that will be paid on meeting certain conditions.

It is the first transaction for the NTR Renewable Energy Income Fund II, which invests in onshore wind and solar assets across European markets. The company’s first renewable energy infrastructure fund, which was launched in 2015, is fully invested.

The solar assets acquired in the latest transaction were developed by Plus Renewable Technologies Limited in 2015 and 2016.

“Our strategy for the NTR Renewable Energy Income Fund II is to acquire both pre-construction and operational European onshore wind and solar assets, with the operational assets providing immediate yield on investment while the pre-construction assets are being built out,” said Rosheen McGuckian, chief executive of NTR. “We are very pleased with this, our first acquisition for the fund, which consists of a well-diversified portfolio of attractive cash yielding solar assets, providing long-term contracted revenues for our investors from the get-go.”