Wednesday 21 March 2018

NTR's US unit sells windfarm for €44m

The scheme was sold to Kansas-based TradeWind Energy
The scheme was sold to Kansas-based TradeWind Energy
John Mulligan

John Mulligan

NTR's US unit, Wind Capital Group, has sold a windfarm in Oklahoma for $60m (€44m).

The sale of the Osage project – a 150 megawatt scheme that's due to come on stream next year – marks Wind Capital's transition from a project development oriented company to a wind investment and operations company, according to NTR.

The scheme was sold to Kansas-based TradeWind Energy. The company has a strategic alliance with Italian power giant Enel, which supports TradeWind via turbine procurement, construction and operations.

NTR chief executive Rosheen McGuckian said the group had received "very satisfactory value" for the Osage project.

She added that TradeWind is an active participant in the US Midwest.

Wind Capital continues to manage over 350 megawatts of operating wind projects and is actively pursuing other opportunities for growth, according to NTR. In 2009, NTR boosted its stake in Wind Capital to 97pc from 62pc.

Last year, NTR said that it would focus on expanding its wind investments, particularly targeting projects under 40 megawatts. Ms McGuckian said last year that NTR would be homing in on late stage wind projects in Ireland and the UK.

Last year, NTR said it was returning €100m to shareholders via a share buyback.

Irish Independent

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