Sustainable infrastructure manager NTR has splashed nearly £55 million on its maiden portfolio of operational UK solar assets.
The European investor has spent a total of £54.6 million, which includes a deferred consideration of around £2.3 million owing to certain conditions, for a portfolio of nine assets with a total capacity of 38.4MW.
Those assets have not been specifically identified but all nine were developed by Plus Renewables, a developer and asset manager of renewable assets.
The assets are supported by either feed-in tariffs or Renewables Obligation Certificates at 1.3 ROCs.
The purchase was made by NTR’s second sustainable infrastructure fund NTR Renewable Energy Income Fund II and Rosheen McGuckian, chief exec at NTR, said it was the fund’s strategy to acquire both pre-construction and operational onshore wind and solar assets throughout Europe.
“We are very pleased with this, our first acquisition for the fund, which consists of a well-diversified portfolio of attractive cash yielding solar assets, providing long-term contracted revenues for our investors from the get-go,” he added.
NTR has a track record of renewables investments in Europe having previously dedicated itself towards wind projects, amassing a 1.8GW portfolio in the US, UK and Ireland.