NTR announced today that it has successfully secured a £44.9 million (c.€57 million) debt facility with Royal Bank of Scotland (RBS), for its 27MW Quixwood Moor wind farm, located in Scotland.
This is the second project debt financial close achieved by NTR this month, bringing debt facilities secured this month to a total of £61.7 million (c.€79 million). Financing for the 15 MW Ora More wind farm was secured with Ulster Bank Ireland Limited.
Both projects are sponsored by the new €250 million (US$275 million) wind fund created by NTR.
The Quixwood Moor senior debt facility will be utilised to finance the construction of the wind farm, a 27MW wind farm based in the East Berwickshire area of the Scottish Borders region. Construction has recently commenced and Quixwood Moor is due to be operational in Q1 2017, in advance of the closure of the proposed grace period for the UK Renewables Obligation (RO) support scheme.
NTR’s Chief Financial Officer, Marie Joyce said:
“We are delighted to have secured this facility with RBS which adds to our recent successful completion of a project finance facility for our Ora More wind project in Northern Ireland. This facility is instrumental in ensuring the delivery of construction of this wind farm in advance of the important March 2017 deadline in the UK.”
Bruce Riley, Head of Project Finance at the RBS, added:
“We are pleased to be able to support our client, NTR plc, as an experienced developer of wind farms with NTR group companies having built and financed over 1.7GW of projects in Great Britain and the US. This is an important transaction for us with the launch of the NTR Wind 1 €250m equity fund and we are keen to continue to support NTR in their growth aspirations on future projects. This is another important milestone for RBS in demonstrating our commitment to renewables financing.”
The Quixwood Moor wind project will deploy thirteen Senvion 2.05MW turbines, ten of which are MM92 and three are MM82 turbines and the project is expected to generate enough electricity to power approximately 17,000 homes with clean energy.
Pinsent Masons acted as legal advisors to NTR and Burges Salmon were advisors to RBS.
Civil contractors on the project are RJ McLeod and the Owners Engineer and technical advisor for NTR on Quixwood Moor is Natural Power.