NTR is to sell electricity to an unnamed European utility as part of its financing of 94MW of wind farms in Sweden and Finland.
The utility will off-take 70% of the electricity generated over the next 15 years by the 69MW Trattberget project in Sweden under a power purchase agreement.
NTR said power produced by the remaining two projects will continue to avail of existing revenue arrangements.
An existing offtake arrangement is in place with an industrial pulp mill for the 10MW Skutskar facility in Sweden and the 15MW Svalskulla plant is backed by the Finnish feed-in-tariff system.
Nord LB was mandated by NTR to provide €37m of debt facilities to the portfolio of three projects, which became operational between 2009 and 2014.
NTR chief investment officer Manus O’Donnell said: “This combined portfolio debt and PPA transaction secures attractive and reliable long-term income for our investors from a portfolio of quality wind assets.
“We are delighted to work with Nord LB on an important milestone for NTR Renewable Energy Income Fund II.”
Nord LB Structured Financehead of origination energy Europe Gerard Pieters said: “We are thrilled to have worked with NTR to provide financing for this cross-border and PPA driven portfolio in the Nordics.
“The innovative financing combines our long history and global top position in renewables, particularly as market leader in PPA driven projects.
“This marks our latest successful close in a range of PPA driven projects in Europe over the past 12 months, where close co-operation between sponsors, banks, and off-takers is fundamental for long-term success.”
DLA Piper and Pexapark provided legal and commercial advice, respectively, to NTR.