NTR’s second sustainable infrastructure fund, NTR Renewable Energy Income Fund II has acquired nine operational UK ground mount solar assets totalling 38.4MW for an enterprise value of €61.3 million, including a deferred consideration amount of €2.6 million, on satisfactory completion of certain conditions.
This is the first transaction for the Fund, which invests in quality onshore wind and solar assets across a number of European markets in order to provide attractive and sustainable yields for its investors. NTR’s first renewable energy infrastructure fund, which was launched in 2015, is now fully invested. The assets were developed by Plus Renewable Technologies Limited, a global renewable energy and technology company that delivers renewable energy projects and asset management services.
Said Rosheen McGuckian, CEO of NTR; “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. 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.”
“We are pleased that NTR has chosen our renewable energy projects as the first assets for its second sustainable infrastructure fund. This is a testament to the quality of our projects. Our nine assets in the UK have either an attractive feed-in-tariff term of 20 years or are eligible for 1.3 ROCs, providing long-term price certainty to NTR. These assets were developed in 2015 and 2016, after rigorous due diligence to ensure that they would be built on high priority sites with strong load fundamentals and efficient grid structures.” said Paul Cheng, CEO of Plus Renewables.