NTR has announced that it has successfully completed a £55 million (US$71.1 million) refinancing of existing debt facilities of the Twin Rivers windfarm, a 29 MW windfarm located in Yorkshire, England, with MUFG’s core banking unit.
The project was acquired by NTR in December 2016 from InfraRed Environmental Infrastructure Fund and the Co-operative Group. NTR’s Chief Financial Officer, Marie Joyce, said:
“We are delighted to have completed this significant facility with MUFG and in doing so have enhanced the financial position of the windfarm. The refinancing was completed just four months after acquiring the project, which is a testament to the execution capabilities of the MUFG team.”
Stephen Jennings, Executive Director, Power and Renewables at MUFG in EMEA said:
“The Twin Rivers windfarm offers a significant contribution to the energy needs in the Yorkshire region in addition to providing support for local environmental, educational, and community projects. I very much look forward to continuing our relationship with NTR on similarly environmentally-friendly projects in the near future.”
Twin Rivers consists of 14 Senvion MM92 turbines and provides enough clean energy to power 20,500 homes. The project went into fully operational mode in recent weeks. MUFG are also bankers to NTR’s Airies project, a 35 MW project located in Scotland. Pinsent Masons acted as advisors to NTR and Burges Salmon were advisors to MUFG.