NTR, a sustainable infrastructure investor and asset manager based in Ireland, has acquired a 200MW portfolio of operational and pre-construction onshore wind projects in Sweden and Finland; and added them to its NTR Renewable Energy Income Fund II.
The portfolio consists of three operational projects with a combined capacity of 94MW and one advanced stage development cluster with a 108MW potential capacity in southern Sweden.
NTR acquired the portfolio projects, known as Vindin, from a consortium of nine Swedish industrial companies. Total capital investment, including the build out of the development cluster, is expected to be more than €180m.
NTR chief investment officer Manus O’Donnell said: “Sweden and Finland represent exciting new geographies for the fund, each having ambitious renewable energy targets and a stable economic outlook.
“This portfolio of projects provides an attractive mix across the development life-cycle, in line with our fund’s strategy to complement projects in development with those already up and running.”
The three operational projects are namely, Trattberget with 69MW capacity located in the Örnsköldsvik municipality in northern Sweden, Skutskär with 10MW capacity based at the Swedish town’s port in Medora Bay, and Svalskulla with 15MW, located in the Ostrobothnia region of Finland.
The projects started operations at different dates between 2009 and 2014. NTR is planning to start the operations at the development project cluster, Norra-Vedbo, by 2021.
NTR is expected to place a long-term power price contracts (PPC) for the Swedish projects, which has a considerable demand based on the scale of the portfolio.
The 15MW Svalskulla project located in Finland is benefitted from the Feed-In-Tariff program supported by the Finnish Government. The project is expected to be financed with project finance debt.
Recently, the company added nearly 55MW of solar and wind projects in the UK and France, respectively to its NTR Renewable Energy Income Fund II.
NTR Claims that the Renewable Energy Income Fund II is NTR’s second sustainable infrastructure fund, which invests in both pre-construction and operational onshore wind and solar projects across a number of European markets.
Aiming to raise €500m funds, NTR recently announced successfully securing first close commitments of €229m.