How governments have responded to the sharp spike in energy... Read more →
NTR toasts Microsoft Nordic PPA, Irish battery capacity contracts
NTR has announced it has signed both an 86MW PPA with Microsoft for its 86MW Norra Vedbo wind farm in Sweden as well as 10-year capacity contracts for two battery storage projects in Ireland.
The Irish fund manager is understood to have tied up the long-term PPA with the tech company in the autumn for the Jönköping-located wind farm, which it owns alongside Reichmuth Infrastructure, and will be brought online in Q4 2022.
The pair reached financial close on the EUR 115m scheme back in May 2021 with debt raised from local lender SEB.
Meanwhile, NTR also this week revealed it has secured 10-year capacity contracts for both its Gorey and Avonbeg battery storage projects in County Wexford, Ireland.
Both of the projects competed successfully in Ireland’s recent T-1 2022/23 capacity auction and were awarded capacity payment prices of EUR 137,950/MW.
However the 22MW pair were only awarded for a smaller slice of their total capacities, with Avonbeg’s contract covering 2.472MW and Gorey’s 1.616MW.
Both projects will need to be brought online by the end of September 2022 to fulfil their obligations under the contracts, although the already under-construction Gorey is expected to be completed by mid-February.
Meanwhile, Susi Partners’ 50MW Kells battery project in Northern Ireland, which it acquired earlier in 2021 from ABO Wind, also picked up a 10-year contract in the auction for 9.442MW of capacity at a price of GBP 88,500/MW.
Developments from both sides of the Irish border could participate in the process, which was jointly run by EirGrid and its Northern Irish counterpart SONI.