NTR raises €50m project financing from Nord/LB for two Irish wind projects

NTR has announced that it has successfully closed two project debt facilities back-to-back in a matter of weeks with Nord/LB totalling €50 million (US$54 million) . 

The debt facilities will be utilized to finance the construction of the Coollegrean windfarm, a 17 MW windfarm based in Co. Kerry, Republic of Ireland and the Teevurcher windfarm, a 9 MW windfarm, located in Co. Meath, Republic of Ireland.

The Teevurcher windfarm is the first project in the Republic of Ireland to finance and install Senvion turbines. Five Senvion MM82 wind turbines will be delivered to site later this summer. This is the second contract to be signed between Senvion and NTR following the conclusion of the agreement last year for Senvion to supply turbines for NTR’s Quixwood Moor Windfarm in the Scottish Borders.

NTR’s Chief Financial Officer, Marie Joyce said.

“NTR has had a longstanding and successful relationship with Nord/LB in financing our wind projects in the USA and we are delighted to now transact with Nord/LB in the Irish market in which they have a very strong presence.”

Daniya Stewart, Director Energy Origination Nord/LB said:

"Nord/LB has financed over 1GW of Irish Wind Projects. We are delighted to build on this experience in the Irish market and our international relationship with NTR by providing long-term financing for Teevurcher and Coollegrean."

Construction is also well underway on the Coollegrean windfarm, which comprises seven Nordex N90 wind turbines. Mason Hayes & Curran acted as advisors to NTR on both project finance transactions and A&L Goodbody were advisors to Nord/LB. Both projects will operate a Supplier Lite PPA model and NTR has appointed ElectroRoute as their trading partner for the two assets.