NTR, a sustainable infrastructure investor and asset manager that acquires, constructs and manages renewable energy projects, has successfully completed a €370 million portfolio refinance of its 220 MW onshore wind portfolio. The said refinancing has been carried out for its NTR Wind 1 LP fund, which was NTR’s first fund launched in 2015 to invest in onshore wind projects in Ireland and the UK under the REFIT and ROC support programmes respectively.
Since all the projects under this fund are operational now, the company decided to go for a competitive and flexible portfolio refinance instead of the existing individual project financing packages. The refinancing comprises euro and sterling term loan facilities of €350 million and €20 million in revolving credit and debt service reserves. AIB, LBBW, NatWest / Ulster Bank, Santander and Siemens Financial Services through Siemens Bank were the lead arrangers while Santander was financial advisor to NTR on the transaction.
The 220 MW portfolio consists of 12 onshore wind farms commissioned between 2014 and earlier this year. These projects are located in Ireland and the UK and in total are estimated to offset 125,000 tonnes of CO2 emissions per annum by powering over 130,000 homes with clean energy.