NTR has achieved financial close on a £27.3m project finance debt facility with Ulster Bank to help fund the 18MW Altaveedan wind farm in County Antrim in Northern Ireland.
Construction is already underway at the wind farm, which NTR acquired in May.
Altaveedan, which will comprise nine Enercon 2MW turbines, is scheduled to be operational during spring next year.
NTR has sealed a power purchase agreement (PPA) with SSE Airtricity, SSE’s retail energy brand operating in Ireland’s all-island single electricity market (SEM).
The agreement covers the 15 years of existing SEM arrangements as well as new market design arrangements under the integrated single electricity market due to come into operation by the end of 2017.
NTR chief financial officer Marie Joyce said: “This is the second facility transacted with Ulster Bank and the third financing successfully closed by NTR within the past six months raising just over £90m senior debt to finance the construction of 57MW across three projects.”
Carson McDowell were advisors to NTR and A&L Goodbody advisors to Ulster Bank. Everoze acted as technical advisors for Ulster Bank.
Image: Enercon
