Dublin-based NTR has secured €85m in investment funding as it looks to build a 270MW onshore wind portfolio in the UK and Ireland.
The company said today that the Strathclyde Pension Fund and the Ireland Strategic Investment Fund have agreed to stump up €50m and €35m respectively.
NTR will add the cash to an existing haul with its investment fund NTR Wind 1 now standing at some €250m.
The fund has already been deployed on a number of pre-construction wind farms in the UK and Ireland.
NTR chief executive Rosheen McGuckian said: “We are delighted to have attracted such calibre of institutional money into this, our first wind management fund.
“The line up of institutional investment partners that have come into the fund is a validation of NTR’s track record and of our proposition to make long term investments in attractive yielding renewable assets.”
Strathclyde Pension Fund chair Bailie Philip Braat said: “Strathclyde has been steadily increasing its involvement in renewable energy and the €50 million we are committing to NTR today is one of our biggest investments in wind power to date.
“The assets NTR has, both under construction and in the pipeline, make this a solid opportunity for our members and when you look at the money the fund has been able to attract, we feel we are in very good company.”
NTR was advised by Arthur Cox, Canaccord Genuity, Carey Olsen and KPMG.
In addition, NTR said it has joined with Legal & General to explore further prospects to invest in the clean energy sector.
Image: NTR’s Trillick project in Tyrone featuring Vestas V29 turbines (NTR/Keith Arkins)
