NTR plc, the renewables investment group, today announced the acquisition of fourteen 250KW single turbine projects in Northern Ireland through the acquisition of KN Energy Ltd.
The portfolio of projects comprises four operational sites and a further ten development projects, most of which are at advanced stages of development.
With the addition of this portfolio to its existing build out programme, NTR expects to construct, commission and operate a minimum of eighteen 250KW projects across the province within the coming twelve months, with more projects under review thereafter. NTR will manage the assets from its Dublin office, outsourcing their maintenance to a strategic partner, based in Omagh, Co.Tyrone.
The transaction is in line with NTR’s plans to construct and operate up to 20MW of single turbine wind projects as part of its strategy to invest in and manage 150MW of wind across UK, Ireland and the Nordic region. The 250KW projects avail of the attractive 4ROCs (Renewables Obligation Certificates) incentive programme in Northern Ireland. The Group is actively seeking late-stage development wind projects ranging from 225KW up to 40MW in size as it builds out its European platform.
Said Rosheen McGuckian, CEO of NTR plc; “We have identified the smaller single turbine sector of the UK wind market as being particularly attractive with projects of this size delivering strong cash yields over a 20 year period, while at the same time diversifying risk across bite-sized investments. This is an important milestone in fulfilling our plans. The transaction comprises a top class portfolio of projects that have been well developed to-date and we expect them to be revenue generating assets in the near-term.”
The consideration for the transaction was not disclosed.