December 6 (Renewables Now) - The European Investment Bank (EIB) today said it will provide EUR 84 million (USD 85.2m) for a renewable energy investment fund of Ireland’s NTR plc that is expected to back 700 MW of clean energy generation.
The NTR Renewable Energy Income Fund II will support onshore wind and solar projects, as well as related energy storage schemes in Ireland and across Europe over the next 25 years. Ireland will be considered as core market for the fund, through which NTR will deploy EUR 500 million in equity financing and some EUR 700 million in debt, according to the press release.
The initiative is expected to facilitate the development of between 15 and 20 renewable energy schemes with a combined capacity of 700 MW by providing long-term equity financing for small and medium-sized projects.
The EIB’s contribution to the NTR will be made in the coming weeks and will be guaranteed by the European Fund for Strategic Investments or Juncker Plan. Meanwhile, the fund is expected to get additional financing commitments from institutional investors, including pension funds and insurance companies, the EIB said.
“NTR’s new cooperation with the European Investment Bank reflects our shared goal of ensuring long-term investment in renewable energy projects essential for achieving Europe’s climate commitments.” commented Rosheen McGuckian, CEO of NTR.
(EUR 1.0 = USD 1.134)