NTR has acquired the 25MW Castlecraig wind farm in Northern Ireland from RES for its NTR Wind 1 fund. The deal, which was first revealed in the subscriber-only newsletter reNEWs, is the third between the two companies.
The £50m project, which will comprise 10 turbines, is expected to be operating by summer 2018. Once operational, Castlecraig will invest in a local benefit fund including the provision of a local electricity discount scheme, which will be operated by RES on behalf of NTR.
NTR chief investment officer Manus O’Donnell said: “We are delighted to announce our third transaction with RES in just over 18 months. “To date, we have sourced 58MW of onshore wind projects through RES.
“They are an outstanding developer and an important partner for us both in project pipeline and in constructing projects on our behalf.” RES head of projects – Ireland Lucy Whitford said: “Castlecraig marks the third collaboration between RES and NTR.
“We are very pleased to be continuing our relationship with NTR, who have a clear focus on investing on renewable energy projects. “We look forward to starting construction and supporting NTR in the management of the wind farm once it becomes operational.”
Castlecraig is the 11th acquisition of onshore wind assets in the UK and Ireland by the NTR Wind 1 fund, bringing total capacity under the fund’s management to just under 200MW. NTR is currently putting together plans for its second sustainable infrastructure fund, which it expects to launch in 2017.