Renewables investment fund NTR has acquired nine operational solar sites totalling 38.4MW.
The €61.3 million (£54.6 million) deal is the first acquisition for NTR’s Renewable Energy Income Fund II.
The agreement includes a deferred consideration amount of €2.6 million (£2.3 million), which depends on certain conditions being met.
The fund is NTR’s second sustainable infrastructure fund, investing in onshore wind and solar assets across several European markets.
NTR chief executive Rosheen McGuckian said the portfolio of ground mount solar assets will provide attractive and sustainable yields for its investors.
“Our strategy for the NTR Renewable Energy Income Fund II is to acquire both pre-construction and operational European onshore wind and solar assets, with the operational assets providing immediate yield on investment while the pre-construction assets are being built out,” said McGuckian.
“We are very pleased with this, our first acquisition for the fund, which consists of a well-diversified portfolio of attractive cash yielding solar assets, providing long-term contracted revenues for our investors from the get-go.”
The assets were developed by Plus Renewable Technologies, a renewable energy and technology company that delivers renewable energy projects and asset management services.
“We are pleased that NTR has chosen our renewable energy projects as the first assets for its second sustainable infrastructure fund. This is a testament to the quality of our projects,” said Paul Cheng, CEO of Plus Renewables.
“Our nine assets in the UK have either an attractive feed-in-tariff term of 20 years or are eligible for 1.3 ROCs , providing long-term price certainty to NTR. These assets were developed in 2015 and 2016, after rigorous due diligence to ensure that they would be built on high priority sites with strong load fundamentals and efficient grid structures.”
NTR, formerly National Toll Roads, has been investing in sustainable infrastructure since 1999.
The first renewable energy infrastructure fund, which was launched in 2015, is now fully invested. NTR Wind 1 LP Fund has invested €250 million (£219 million) in onshore wind projects, primarily in Ireland and the UK.
To date, NTR has, through its associated companies, constructed and operated 1.8GW of wind projects and 630MW of solar projects across the US, UK and Ireland.