The projects were acquired by the NTR Renewable Energy Income Fund II
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.
Source: Company Press Release