NTR shifts focus from ethanol to green energy

NTR has sold its holding in American-based ethanol company, Green Plains Renewable Energy and increased its holding in Wind Capital Group, its US-based wind energy company.

NTR chief executive Michael McNicholas described the sale of the ethanol holding and the reinvestment into wind power as a “re-balancing of the company”.

NTR is increasing its stake in Wind Capital Group from 62% to 97%, while reducing its holding in GPRE’s common stock from 23% to approximately 2%. NTR will raise €54.5m from the sale of GPRE shares.

Mr McNicholas said NTR had moved towards wind energy as it felt the market was more mature and the company had experience in the field.

“We liked wind energy so the decision was taken to exit significantly from the ethanol market. Wind is one of the most advanced renewables with a reasonably mature market,” he said.

Wind Capital Group announced the successful financing of the Post Rock wind energy project with funding of €265m of funding in place.

“Our increased shareholding in Wind Capital consolidates our position in the company at a time in which a substantive amount of operating assets are coming on-stream.

“Wind Capital represents a solid asset and is well positioned as a platform for NTR’s renewable activities in the US market,” said Mr McNicholas.

Looking to the future, Mr McNicholas said NTR would consider expansion into the EU in the next strategy cycle.