NTR completes €132m share redemption programme
Published 16/04/2016 | 02:30
Irish renewables firm NTR plc has returned almost €132m to shareholders after completing a share redemption.
It leaves the Roche family's Dreamport investment vehicle in control of 96.1pc of NTR plc. The family had previously indicated it would not be taking part in the share redemption.
About 400 shareholders who didn't did take part in the redemption now retain 3.9pc of NTR between them.
The redemption scheme had been unveiled last year by NTR, coupled with a demerger process.
That saw its European wind energy assets hived off into NTR plc, while the legacy assets including interests in a water utility and road concessions, remained with the existing NTR company.
That NTR firm has been renamed Atlas Investments.
Atlas is being chaired by former INM chief executive Vincent Crowley. It's likely its assets will be sold off over time.
One51, the environmental and plastics group, owned 24pc of NTR. A vehicle controlled by businessman Nick Furlong, Pageant Holdings, owned 9.2pc. Both One51 and Pageant have been vocal critics of NTR in the past. Both took part in the redemption scheme.
NTR is focusing its activities on European wind energy assets, and particularly on Ireland and the UK.
In February, NTR closed a €250m wind energy equity fund, and was in talks with a number of financial institutions about debt-funding possibilities.
Of the €250m fund, €50m had been raised from Strathclyde Pension Fund, and €35m from the Ireland Strategic Investment Fund, which is controlled by the National Treasury Management Agency.The Strathyclyde Pension Fund is one of Europe's top 50 pension funds.
Legal & General Capital has a 47pc stake in the NTR fund, while NTR has itself invested €50m.
NTR said yesterday that since the announcement in February, it has secured €79m in debt financing to finance two wind projects, Ora More in Northern Ireland, and Quixwood Moor in Scotland.
The company is targeting a total windfarm investment on the island of Ireland of at least €300m over the next couple of years, equating to about 100 megawatts of energy output in the single energy market.