NTR has added a further 25 MW to its NTR Wind 1 Fund with the acquisition of Castlecraig wind farm in Northern Ireland, the third such acquisition of pre-construction wind assets by NTR from renewable energy developer RES.
The project will comprise ten turbines and is expected to be operating by the summer in 2018, from which time it would provide enough clean electricity to sustain an estimated 18,500 homes in Northern Ireland. Capital costs for the project amount to just over £50 million (US$62.5 million).
Once operational, Castlecraig Wind Farm will invest in a local benefit fund including the provision of a local electricity discount scheme, which will be operated by RES on behalf of NTR.
NTR Wind 1 Fund was launched by NTR to invest in onshore wind projects in Ireland and the UK. The Castlecraig Wind Farm acquisition marks the eleventh acquisition of onshore wind assets in the United Kingdom and Ireland by the NTR Wind 1 Fund, bringing total MWs under management to 195MW
The fund’s expected total equity and project finance capital requirement amounts to approximately €670 million. NTR is currently putting together plans for its second sustainable infrastructure fund, which it expects to launch in 2017.
NTR’s Chief Investment Officer, Manus O’Donnell said:
“We are delighted to announce our third transaction with RES in just over eighteen months. To date, we have sourced 58MW of onshore wind projects through RES. They are an outstanding developer and an important partner for us both in project pipeline and in constructing projects on our behalf.”
Lucy Whitford, RES’ Head of Projects – Ireland, commented:
“Castlecraig marks the third collaboration between RES and NTR. We are very pleased to be continuing our relationship with NTR, who have a clear focus on investing on renewable energy projects. We look forward to starting construction and supporting NTR in the management of the wind farm once it becomes operational.”