NTR completes on an initial €65 Million Financing Deal with Rabobank and Siemens Financial Services

Funding will enable the construction phase of Irish ready-to-build solar and BESS co-location portfolio for the L&G NTR Clean Power (Europe) III Fund

NTR is pleased to announce that it has successfully completed the financing of Monvallet- a Ready-to-Build (“RtB”) solar and Battery Energy Storage System (“BESS”) portfolio – in partnership with Rabobank and Siemens Financial Services through Siemens Bank, who have provided an initial €65 million in debt for the first two solar projects as part of a wider potential portfolio financing facility.

Situated in County Louth, Ireland, Monvallet is a RtB solar and BESS portfolio, with a combined capacity of over 211 MW, which was acquired earlier this year for the L&G NTR Clean Power (Europe) Fund III. The project consists of two special purpose vehicles, Monvallet Solar Ltd and Hazelboro Ltd, which have a grid connection and planning permission in place. Hazelboro has a contract for difference in place under the Irish Renewable Electricity Support Scheme (RESS 2), with Monvallet’s solar asset targeting a Corporate PPA partner.

The financing is structured as an initial committed term loan funding of €65m, with ancillary facilities. The financing includes accordion assets – enabling additional financing under certain terms – to allow scope to leverage both the BESS portion of the project, and further solar and BESS projects in Ireland, including a 115 MW solar project also owned by the Fund.

The L&G NTR Clean Power (Europe) Fund III is a joint partnership between NTR, a leading renewable energy specialist, and L&G’s Asset Management division, a major global investor.

You can now read the full press release at the link below