NTR Closes Debt Facilities to Value of €43.2 Million to Fund Irish Wind Projects
NTR has announced that it has successfully closed three project debt facilities in recent weeks with AIB, Nord/LB and MUFG totaling a Euro equivalent of €66.5 million. Two of the debt facilities will be utilised to finance the construction of new wind farms, while the third is for the refinancing of a wind farm already in operation.
The new debt facilities are for Castlecraig, a 25MW wind farm located in County Tyrone, Northern Ireland using Nordex turbines and financed by First Trust Bank (AIB Group) (£33.6 million), and the Rathnacally wind farm located in County Cork using Senvion turbines and financed by Nord/LB (€9.6 million). Both projects are expected to go into operations in 2018.
The refinancing facility is with MUFG in the amount of £16.6 million for Ardoch and Over Enoch, a 11.5 MW wind farm using Siemens turbines and located in East Renfrewshire, Scotland. This project has been operational since 2014.
NTR’s Chief Financial Officer, Marie Joyce said: “This is a diversified group of blue chip banking partners working with NTR on our portfolio of wind projects for our NTR Wind 1 LP fund and providing competitive banking terms. The projects enjoy the benefits of long-term power purchase agreements with quality off-takers, Tier 1 equipment providers and are all operating in stable and supportive power regimes.”