NTR Fund Acquires 54 MW of Co-Located Solar and Battery Storage in Ireland from RES
Dublin, 24 February 2021: NTR has acquired a 54 MW portfolio of co-located solar and battery storage projects in Co. Wexford, Ireland from renewable energy developer RES. The portfolio comprises two battery storage projects adding 25 MW of storage capacity to the Irish grid network, along with 29 MW of solar PV. Two of the solar projects were awarded 16-year CFD tariffs in the inaugural Irish RESS-1 auction and the battery storage projects will apply to provide grid services through the Irish DS3 grid services scheme. The portfolio of projects will enter operations in 2022.
Said Manus O‘Donnell, Chief Investment Officer of NTR; “This mix of solar and battery storage brings much-needed diversity of renewables technology onto the Irish grid, particularly for lower wind days. Co-location of solar and battery projects can be particularly effective, as they can share grid connections and obtain economies of scale. In the future, they should be able to take further advantage of storing excess power produced on site and we expect to see more co-location of solar and battery storage throughout Europe.”
The projects were acquired by the NTR Renewable Energy Income Fund II, a wind, solar and energy storage fund that operates across a number of European markets. Total costs for the projects amount to c. €29 million.
RES will build the battery projects for NTR, having developed and built over 20 battery storage projects across Ireland, UK and the USA. Once operational, RES will provide asset management and O&M services.
Lucy Whitford, Managing Director, from RES; “We are very pleased to continue our relationship with NTR as they expand their renewable portfolio and support the delivery of some of the first co-located solar and storage projects in Ireland. Further deployment of renewable energy in addition to flexible energy storage is critical to deliver the Climate Action Plan and will create a firm foundation on which to build a zero-carbon Irish energy system. We look forward to starting construction and supporting NTR in the management of the battery storage projects once they become operational.”
This latest acquisition brings renewable energy assets under management by NTR on behalf of its current two funds to over 600 MW of wind, solar and battery storage projects located throughout Ireland, France, Sweden, Finland and the United Kingdom.
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Issued on behalf of NTR plc by Heneghan
Enquiries: Emma Flannery, Phone +353 87 924 9349; Email: emma@heneghan.ie
About NTR
NTR is a sustainable infrastructure investor and asset manager that acquires, constructs and manages renewable energy projects. Over its lifetime, NTR has developed, constructed and operated over 2,700 MW of wind, solar and energy storage projects in Europe and the USA.
Its first fund, NTR Wind 1 LP, was launched in 2015 to invest in pre-construction onshore wind projects in Ireland and the UK. Its second fund, NTR Renewable Energy Income Fund II, invests in both pre-construction and operational onshore wind and solar projects together with energy storage across a number of European markets.
About RES
RES is the world’s largest independent renewable energy company active in onshore and offshore wind, solar, energy storage, transmission and distribution. At the forefront of the industry for 39 years, RES has delivered more than 19GW of renewable energy projects across the globe and supports an operational asset portfolio exceeding 7GW worldwide for a large client base. Understanding the unique needs of corporate clients, RES has secured 1.5GW of power purchase agreements (PPAs) enabling access to energy at the lowest cost. RES employs more than 3,000 people and is active in 10 countries. For further information about RES, visit www.res-group.com or Rachel Anderson (+44 (0)7795 680 803).