Technical Due Diligence on NTR €109 Million Financing deal with NORD/LB and AIB

Published February 2025

Everoze was delighted to undertake Lender’s Technical Due Diligence for the purpose of this transaction.

Extract from NRT’s press release:

NTR, a leading sustainable infrastructure investor and asset manager, is pleased to announce the successful completion of a multi-jurisdictional portfolio financing, in collaboration with Nord/LB and AIB.

Both Nord/LB and AIB were appointed as Mandated Lead Arrangers (MLAs), with Nord/LB also acting as Facility Agent and Account Bank. Each bank will also act as hedging counterparties.

The first tranche of funding, amounting to c. €45m, will be allocated to the refinancing of three fully operational wind farms:  SPJ and Briqueville in France, and Ballycumber in Ireland. With a combined capacity of 38.25MW, these windfarms provide enough clean energy to power 22,913 homes, making a significant contribution to Europe’s clean energy transition.

The remaining c. €64m of the facilities will support the Momerstroff II wind portfolio in France. Currently in the construction stage, the project is expected to enter commercial operations in mid-2026. Once operational, it will deliver a capacity of 34.5 MW, supplying clean energy for 13,675 homes. All projects are owned by the NTR Renewable Energy Income Fund II.

Full press release: NTR Completes €109 Million Financing Deal with Nord/LB and AIB – NTR

Nick Forster, Head of Structured Finance – Investments, at NTR commented:  “We have once again enjoyed a very good collaboration with Everoze whose in-depth expertise as technical advisor are highly appreciated. Their responsiveness and constructive approach allowed the relevant stakeholders to complete the requisite due diligence within an ambitious timeline. We are very grateful to Arnaud and his team for their invaluable support.”

Everoze involvement:

Everoze’s scope of work included the technical assessments of the three operational wind farms located in France and Ireland and the ready-to-build (now in construction) French wind farm of Momerstroff II. Aiming at confirming the transaction financial model technical inputs (yield, Capex, lifetime and Opex), Everoze scope of work has been fine tuned to take into account exact project status but generally covered the following items: permits, grid, tariff, technology, design, environmental constraints, construction and O&M contracts, historical performance (for the operational assets) and yield assessment.

Pedro Capote, Senior Director at Nord/LB added: « We have been delighted to work again with Everoze in the French market. Their significant experience, excellent due diligence process and solution-oriented mindset have supported NORD/LB to complete due diligence successfully within the envisaged timeline”

Everoze’s work has been led by French partner Arnaud Thomé supported by a broader project team including Alex Olczak, Maud Vachon, Brieuc Pey and Mathieu Amendola.