NTR has successfully completed a EUR370 million portfolio refinance of a 220 MW onshore wind portfolio for its NTR Wind 1 LP fund. The fund was established by NTR to construct and operate onshore wind projects availing of the attractive REFIT (Ireland) and ROC (UK) long-term supports. With all projects in the fund now in operation from earlier this year, NTR availed of the opportunity to replace the existing individual project financing packages with a highly competitive and flexible portfolio refinance.
Five lenders – AIB, LBBW, NatWest / Ulster Bank, Santander, and Siemens Financial Services through Siemens Bank – are lead arrangers in the mandate, which comprises euro and sterling term loan facilities of circa EUR350 million and circa EUR20 million of revolving credit and debt service reserve facilities.
Anthony Doherty, NTR’s Group Corporate Finance Director, who led the transaction on behalf of NTR, says: “NTR is delighted with the outcome of this refinance where we achieved all of our objectives regarding terms and flexibility, notwithstanding the Covid-19 uncertainties. This is reflective of the quality of the assets across the whole portfolio, underpinned by NTR’s market leading operational expertise.”
The 220 MW portfolio of 12 onshore wind farms is located in Ireland and the UK. The projects were constructed and put into operation by NTR between 2014 and earlier this year. It is estimated that the portfolio offsets circa 125,000 tonnes of CO2 emissions per annum and powers over 130,000 homes with clean energy.
Rosheen McGuckian, Chief Executive Officer, NTR, says: “NTR is delighted to welcome a number of Europe’s leading lenders as our banking partners, while at the same time expanding our relationship with some of our existing partners through this refinance. The renewable energy sector has performed well as an infrastructure asset class through the Covid pandemic and this refinance demonstrates there is continued strong appetite for quality assets. Our fleet of wind and solar assets under management across Europe continues to grow with projects located in over 40 locations across Ireland, the UK, France, Sweden and Finland.”
Santander was financial advisor to NTR on the transaction; Pinsent Masons acted as legal advisor, while Centrus Advisors provided hedging support. DLA Piper (legal), Everoze (technical), KPMG (tax) and Aurora Energy Research (market), were advisors to the lenders group.
