Extra €14.3m invested in Airtricity

NATIONAL Toll Roads has invested an extra €14.3 million in renewable energy firm Airtricity to maintain its majority shareholding after the company raised €28m in an equity placing.

The placing, through NCB Corporate Finance, 1.6 times oversubscribed, values the wind energy company at €128 million post-investment.

“The funds will primarily be used to continue to build Airtricity’s pipeline of consented wind farm sites in Ireland, Scotland and Phase I of the Arklow Bank project, which is the world’s largest consented offshore wind park.

“Funds will also be allocated to securing and developing new wind farm sites in Ireland, the UK and early stage development activity in the US,” Airtricity said in a statement.

The funds were raised from majority shareholder NTR plc, which invested €14.3 million; Airtricity staff and management who invested €1.1 million, and NCB Stockbrokers’ Private Clients, who invested €12.6 million. This is Airtricity’s second fundraising in 16 months, having raised €15.2 million in February 2002. Airtricity chief executive Eddie O’Connor said “in assisting the Government in meeting its environmental obligations, the investment in renewable energy from the private sector will exceed €1 billion in the period to 2010, of which Airtricity aims to provide a significant proportion.”

Meanwhile, Ireland’s biggest wind farm was officially opened in Co Derry yesterday. The 20-turbine facility at Altahullion will produce 26 megawatts, enough to power 20,000 homes. Belfast-based Energia has signed a 15-year contract worth €31.7m with B9 Energy and Renewable Energy Services, who carried out the construction work.