NTR buys 64 MW of wind assets in Scotland, Ireland
Wind farm in Scotland. Author: Neil Williamson. License: Creative Commons, Attribution-ShareAlike 2.0 Generic.
Irish green asset manager NTR Plc today said it has acquired three onshore wind assets, two in Scotland and one in Ireland, with a combined capacity of 64 MW.
The capital costs for the three projects are more than EUR 150 million (USD 168m), it added. The acquisition brings the assets in the firm's EUR-250-million NTR Wind 1 Fund to 142 MW.
The two Scottish projects were bought from Velocita Energy Developments. They include the 11.5-MW Ardoch and Over Enoch operating wind farm in East Renfrewshire and the 35-MW Airies project in Dumfries and Galloway. The latter is under construction and is due to be completed at the end of the year.
The firm has also acquired a 17.5-MW project in County Kerry, Ireland from Element Power. That project is also under construction and is expected to be operational in the final quarter of 2017.
NTR Wind 1 Fund was launched by NTR to invest in onshore wind projects in Ireland and the UK. Its expected total equity and project finance capital requirement is about EUR 670 million.
"The fund is ahead of target and currently owns 70 MW in Great Britain and 72 MW in the Irish single electricity market putting us in a strong position to assess opportunities for our second sustainable infrastructure fund for next year," said NTR chief executive Rosheen McGuckian.