NTR has reached a €250 million final close on NTR Wind 1, a vehicle focused on onshore wind projects in Ireland and the UK.
Pledges by the Strathclyde Pension Fund and the Ireland Strategic Investment Fund, of €50 million and €35 million respectively, took the developer’s debut fund to its hard-cap.
The Dublin-based company said in a statement that the vehicle is “well underway” in deploying capital into ready-to-build projects, with an “active” pipeline of further investments in both of its target markets.
As at December the vehicle had already backed four projects with a capacity of 55MW.
The fund aims to spend a minimum of €80 million in pre-construction renewable projects in the Irish Single Electricity Market. The 270MW portfolio it will support is expected to need about €670 million in total equity and debt financing.
“Strathclyde has been steadily increasing its involvement in renewable energy and the €50 million we are committing to NTR today is one of our biggest investments in wind power to date,” said Philip Braat, Chair of Strathcyde Pension Fund and City Treasurer at Glasgow City Council.
The vehicle is also seeded by NTR – via a €50 million investment – as well as Legal & General Capital, which committed to provide 47.5 percent of the fund’s total capital. The vehicle reached a first close in December.
In addition to its commitment to the fund, L&G is backing NTR through an investment in NTR Wind Management, the developer’s clean energy investment and asset management business.
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