Irish investor NTR has acquired nine solar assets in the UK totalling just over 38MW.
The €61.3m deal, which includes an additional €2.6m on completion of unspecified conditions, is the first under the company’s second sustainable infrastructure fund.
The assets were developed by Plus Renewable Technologies, a global renewable energy and technology company.
NTR chief executive Rosheen McGuckian said: “Our strategy for the NTR Renewable Energy Income Fund 2 is to acquire both pre-construction and operational European onshore wind and solar assets, with the operational assets providing immediate yield on investment while the pre-construction assets are being built out.
“We are very pleased with this, our first acquisition for the Fund, which consists of a well-diversified portfolio of attractive cash yielding solar assets, providing long-term contracted revenues for our investors from the get-go.”
Plus Renewables chief executive Paul Cheng added: “We are pleased that NTR has chosen our renewable energy projects as the first assets for its second sustainable infrastructure fund. This is a testament to the quality of our projects.
“Our nine assets in the UK have either an attractive feed-in-tariff term of 20 years or are eligible for 1.3 ROCs, providing long-term price certainty to NTR. These assets were developed in 2015 and 2016, after rigorous due diligence to ensure that they would be built on high priority sites with strong load fundamentals and efficient grid structures.”