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Marie Joyce, NTR

NTR raises EUR50m project debt finance from Nord/LB for two Irish wind projects


NTR has closed two project debt facilities back-to-back in a matter of weeks with Nord/LB, totalling EUR50 million.

The debt facilities will be used to finance the construction of the Coollegrean wind farm, a 17 MW wind farm based in County Kerry, Republic of Ireland, and the Teevurcher wind farm, a 9 MW wind farm, located in County Meath, Republic of Ireland. 
 
NTR’s chief financial officer, Marie Joyce (pictured), says: “NTR has had a longstanding and successful relationship with Nord/LB in financing our wind projects in the US and we are delighted to now transact with Nord in the Irish market in which they have a very strong presence.”
 
Daniya Stewart, director energy origination, Nord/LB, says: "Nord/LB have financed over 1GW of Irish wind projects. We are delighted to build on this experience in the Irish market and our international relationship with NTR by providing long term financing for Teevurcher and Coollegrean."
 
The Teevurcher wind farm is the first project in the Republic of Ireland to finance and install Senvion turbines. Five Senvion MM82 wind turbines will be delivered to site later this summer. This is the second contract to be signed between Senvion and NTR following the conclusion of the agreement last year for Senvion to supply turbines for NTR’s Quixwood Moor wind farm in the Scottish Borders.
 
Construction is also well underway in the Coollegrean wind farm, which comprises seven Nordex Nr0 wind turbines.
 
Mason Hayes and Curran acted as advisers to NTR on both project finance transactions and A&L Goodbody were advisers to Nord LB.
 
Both projects will operate a Supplier Lite PPA model. NTR has appointed ElectroRoute as its trading partner for the two assets.

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