NTR has bought a 54 MW portfolio of co-located solar and battery storage projects in Co Wexford from renewable energy developer RES.
The portfolio comprises two battery storage projects, which will add 25 MW of storage capacity to the Irish grid network, along with 29 MW of solar PV.
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.
It said that total costs for the projects amounted to about €29m.
Manus O'Donnell, Chief Investment Officer at NTR, said 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," Mr O'Donnell said.
"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," he added.
Under the terms of the deal, RES will build the battery projects for NTR, having developed and built over 20 battery storage projects across Ireland, UK and the US.
Once operational, RES will provide asset management and O&M services for the projects.
Today's purchase 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 UK.
