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.
DLA Piper has advised Rabobank and Siemens Financial Services on the financing of Monvallet, a ready to build solar and BESS portfolio, with an initial EUR 65 million of debt for the first two solar projects as part of a wider portfolio financing facility.
Situated in County Louth, Ireland, Monvallet is a ready to build 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. DLA Piper acted on the acquisition, led by Dublin partner William Marshall.
The financing is structured as an initial committed debt package of EUR65 million, with accordion facilities to enable the future financing of further solar and BESS projects in Ireland, including a 115MW solar project also owned by the L&G NTR Clean Power (Europe) Fund III.
The financing was led by project finance partner Seán McGrenaghan, with energy partner William Marshall and real estate legal director Barry Noonan.
Seán McGrenaghan commented “Congratulations to Anthony Doherty, Nick Forster, Brian Tiernan and all the NTR team on a brilliant achievement on bringing the financing to financial close in record time, as well as our fantastic clients at Rabobank and Siemens Financial Services. The financing represents one of the first true BESS and solar portfolio financings in Ireland and provides a platform for NTR to continue its ambitious build out of the portfolio”.
Speaking to The Voice of Renewables Global Co-Chair of the Energy and Natural Resources Sector, Natasha Luther-Jones commented “We are delighted to have closed this transaction for our long-standing client NTR. The transaction was closed in very short order and demonstrates the ability of DLA Piper’s Irish and UK Energy team to deliver on portfolio financings across technologies”.
Nick Forster, Head of Structured Finance for NTR commented: “We are pleased to have collaborated with Rabobank and Siemens Financial Services on this innovative financing, which enables us to retain agility at each stage of our ambitious roll out of clean power and storage in Ireland while preserving sustainable returns for investors.”
Sanne van Bemmel, Director Project Finance at Rabobank commented: “Rabobank is pleased to continue to support leading developer of renewable energy projects NTR in structuring and financing the first two solar assets within this solar and BESS portfolio. Both projects will directly contribute to the decarbonization goals in Ireland, making this transaction a perfect fit with Rabobank’s mission to be the bank of the energy transition.”
Lenders´ advisors were DLA Piper (legal); Everoze (technical): and Howden (insurance). NTR´s legal advisors were Pinsent Masons and A&L Goodbody.
