NTR has signed a £16.8m debt deal with Ulster Bank to finance the build of its 15MW Ora More wind farm in Northern Ireland.
The Dublin-based developer said today that the senior debt facility is the first project finance package confirmed as part of its €250m UK and Ireland onshore wind fund.
The Fermanagh project will feature six GE 2.5MW turbines in a deal first revealed by subscriber-only reNEWS last week. SSE Airtricity and NTR have agreed a 15-year Power Purchase Agreement.
Construction is already underway with Denis Moriarty undertaking civil engineering works.
NTR’s chief financial officer Marie Joyce said: “This is the first project financial close since the launch of our new wind fund and we are very pleased to have partnered with Ulster Bank to achieve this important milestone.”
She added: “We expect 2016 to be a very active year for us as we finance and build out a number of projects that we have recently acquired.”
Ulster Bank’s head of corporate banking and capital markets Stephen Masterson said: “Ulster Bank considers the renewables market to be a growing and dynamic sector with strong returns potential.
“It is a sector in which we like to participate with partners with a well-established track record like NTR and we are delighted to be the sole project finance debt providers for the Ora More wind project.”
Image: GE’s 2.5MW turbines (GE)
