Irish renewables investor NTR has closed a €65 million financing agreement with Rabobank and Siemens Financial Services to support the construction of its 211-megawatt (MW) Monvallet solar and battery energy storage (BESS) portfolio in County Louth.
The ready-to-build project, acquired earlier this year by the L&G NTR Clean Power (Europe) Fund III, comprises two fully permitted assets—Monvallet Solar and Hazelboro—with secured grid connections.
Hazelboro has been awarded a contract for difference under Ireland’s Renewable Electricity Support Scheme (RESS 2), while Monvallet Solar is targeting a corporate power purchase agreement (PPA).
The debt facility includes an initial committed term loan with accordion capacity to extend financing to the battery storage segment and other Irish solar and storage projects, including a 115MW site also held by the fund.
“This transaction allows us to maintain agility at each stage of our ambitious roll out of clean power and storage in Ireland while preserving sustainable returns for investors,” said Nick Forster, head of structured finance at NTR.
Siobhan Smyth, CEO of Siemens Bank, said the financing “demonstrates our commitment to provide innovative financing solutions for sustainable infrastructure.”
Rabobank’s project finance director Sanne van Bemmel added: “Both projects will directly contribute to the decarbonisation goals in Ireland, making this transaction a perfect fit with Rabobank’s mission to be the bank of the energy transition.”
Legal and technical advisors included DLA Piper, Everoze, and Howden for the lenders, with Pinsent Masons and A&L Goodbody advising NTR.
