NTR has completed a €65m financing agreement with Rabobank and Siemens Financial Services to support construction of its Monvallet solar and battery storage portfolio in Ireland.
The 211MW ready-to-build project in County Louth was acquired earlier this year for the L&G NTR Clean Power (Europe) Fund III.
It consists of two assets, Monvallet Solar and Hazelboro, both with grid connection and planning consent secured.
Hazelboro holds a contract for difference under Ireland’s RESS 2 scheme, while Monvallet Solar is targeting a corporate PPA.
The debt facility is structured as an initial committed term loan with accordion capacity to extend financing to the BESS portion and further Irish solar and storage projects, including a 115MW scheme also owned by the fund.
Nick Forster, head of structured finance at NTR, said the deal preserves “agility at each stage of our ambitious roll out of clean power and storage in Ireland while preserving sustainable returns for investors”.
Siobhan Smyth, CEO of Siemens Bank, said the financing underlines its commitment “to provide innovative financing solutions for sustainable infrastructure”.
Rabobank project finance director Sanne van Bemmel said both projects “will directly contribute to the decarbonisation goals in Ireland, making this transaction a perfect fit with Rabobank’s mission to be the bank of the energy transition”.
Advisors included DLA Piper, Everoze, and Howden for the lenders, with Pinsent Masons and A&L Goodbody acting for NTR.