NTR has secured €115m in financing to build its 86MW Norra Vedbo wind farm in Sweden.
The Irish investor has brought Reichmuth Infrastructure II CIP on as co-investor, while Skandinaviska Enskilda Banken AB (SEB) is providing debt finance.
The Norra Vedbo project located in the county of Jönköping, in Southern Sweden will consist of 20 Vestas V150 turbines, each with an installed capacity of 4.3MW.
The project is expected to enter operations in Q4 2022 and NTR has signed a ten-year clean energy power purchase agreement for the project.
NTR will manage both the construction and continued operations of the project on behalf of both the NTR and Reichmuth funds. Once operational, Norra Vedbo brings to 165MW of wind managed by NTR in the Swedish market.
EY acted as financial advisor to NTR on the co-investment transaction. Legal advisors on the transaction to NTR were DLA Piper, while advisors to Reichmuth Infrastructure and SEB were Bird & Bird and Mannheimer Swartling.
NTR chief executive Rosheen McGuckian said: “We are delighted to welcome Reichmuth Infrastructure as co-owners of the Norra Vedbo project, having the same ambition as ourselves to construct and operate quality renewable energy projects in order to address the urgency of the European energy transition.
“We are equally delighted to work with SEB, Sweden’s leading structured finance bank, as providers of the debt facility for the project.”