NTR to demerge European wind business, buy more Irish/UK assets
Wind energy company NTR has secured shareholder approval for a demerger of its European wind business and is in exclusive talks to buy a total of 50 MW of new assets across Ireland and the UK.
The company is in the process of a fundraising round and now expects to raise €120m in equity, rather than €100m as previously indicated.
That would bring its warchest including equity and debt to €455m, chief executive Rosheen McGuckian said.
"It gives us an opportunity to acquire more windfarms. Our plan was about 170 MW, that's now maybe 190MW of wind projects.
Ms McGuckian would not reveal any more details about the assets the company is in talks to buy.
Under the demerger, which is still conditional on High Court approval, shareholders in the old NTR will be given the same number of shares in the new company and will have the option to redeem the new company shares.