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Irish fund buys nine UK solar assets in £54m deal

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The NTR deal is the first transaction for the fund, set up to invest in onshore wind and solar assets across European markets. (Owen Humphreys/PA)

The NTR deal is the first transaction for the fund, set up to invest in onshore wind and solar assets across European markets. (Owen Humphreys/PA)

PA Wire/PA Images

The NTR deal is the first transaction for the fund, set up to invest in onshore wind and solar assets across European markets. (Owen Humphreys/PA)

Irish investor NTR Renewable Energy Income Fund (II) has acquired nine solar assets in the UK for €61.3m (£53.8m).

The deal includes a sum of €2.6m (£2.28m) to be paid on the completion of certain conditions.

It comes as Northern Ireland's Simple Power, which owned 52 wind turbines, was acquired last week by London-based investment fund Foresight.

The NTR deal is the first transaction for the fund, set up to invest in onshore wind and solar assets across European markets.

An earlier renewable energy infrastructure fund launched in 2015 is now fully invested.

The assets now being bought are so-called ground-mounted panels that have a total capacity of 38.4 megawatts.

"Our strategy for the fund is to acquire both pre-construction and operational European onshore wind and solar assets, with the operational assets providing immediate yield on investment while the pre-construction assets are being built out," Rosheen McGuckian, chief executive of NTR, said.

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"We are very pleased with this, our first acquisition for the fund, which consists of a well-diversified portfolio."


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