NTR buys 15-MW wind project in N Ireland from RES

Irish green asset manager NTR Plc said on Tuesday it has acquired the 15-MW Ora More wind project in Northern Ireland from UK-based developer Renewable Energy Systems Ltd (RES).

Located in County Fermanagh, the shovel-ready Ora More project is seen to enter the construction phase in the autumn of 2015, while its commissioning is scheduled for the final quarter of next year.

NTR estimates it will need more than GBP 23 million (USD 36.2m/EUR 32.3m) to build the wind farm and plans to use equity and project finance debt for the purpose. Upon completion, the plant is expected to generate over 42,000 MWh of electricity per year.

Also in Northern Ireland, NTR has 12 single-turbine projects under construction and in operation. The company has set a goal to deploy and operate around 175 MW of wind power capacity in Ireland and the UK over the coming two years.

NTR intends to invest EUR 100 million (USD 111.9m) on its own in Irish and UK onshore wind projects. An additional EUR 50 million are seen to come from partners and a further EUR 250 million will be covered with project debt so that the total investment reaches EUR 400 million.

At present, the firm is in the final stages of negotiations regarding several other schemes and has a further 65 MW under exclusivity. Moreover, it has more than 250 MW of projects under review in its pipeline.

(GBP 1.0 = USD 1.572/EUR 1.405)

(EUR 1.0 = USD 1.119)

Choose your newsletter by Renewables Now. Join for free!