NTR may sell waste company

BORD na Móna and the Philip Lynch-led One51 have been tipped as the two strongest contenders in the race to buy Greenstar, the waste management arm of NTR.

The business is worth an estimated €250 million, but that figure could rise if the battle to buy it becomes intense.

NTR would not confirm the sale of the business was under consideration but strongly indicated this was so in a brief statement to the Irish Examiner.

“NTR plc is aware of some speculation regarding its interests in Greenstar (UK/Irl). The group does not, as a matter of policy, comment on speculation, but can confirm that it regularly explores options for different parts of its portfolio of businesses as a matter of course.”

The Irish Examiner understands that the group is intensifying its focus on its US energy operations, where it is engaged in the production of solar, wind and ethanol renewable energy projects that have been rapidly expanding as the hunt for alternatives to oil and gas intensifies.

Bord na Móna refused to comment but reports yesterday placed the group at the heart of the bid process. One51, which has held a 26% stake in NTR for some time, is said to be the other player. Greenstar is the country’s biggest waste management firm, with a turnover €170m.

NTR builds and runs green energy and resource-sustaining businesses. It was founded in 1978 and has moved from being a toll roads operator here to an international player in renewable energy.

It also runs waste management businesses in Ireland, the US, Britain and the company employs more than 4,100 people.

It is understood interested parties have been given until the end of this week to submit their bids.