Irish firm sells US windfarm for $60m

Irish renewable energy investment group NTR has sold a windfarm in Oklahoma for $60m (€43m) before the wind turbines even started turning.

NTR announced yesterday that the 150mW Osage project, on which it broke ground in the second half of last year, was sold to TradeWind Energy.

NTR chief executive Rosheen McGuckian said the purchasers had recognised the value and quality of the project.

“We are very pleased to have obtained a very satisfactory value for the Osage project through its sale to a strategic party such as TradeWind,” said Ms McGuckian. “TradeWind are active participants in the mid-west and saw the value of a quality wind project which is in an advanced stage of development.”

TradeWind Energy already has a purchaser for the power from the wind project, with an agreement in place with Associated Electric, a Missouri-based co-operative.

The Osage sale marks the successful transition of Wind Capital Group, NTR’s US subsidiary, from a predominantly project development oriented company to a wind investment and operations firm. Wind Capital continues to manage over 350mw of operating wind projects and is pursuing other opportunities for growth.

The sale is in line with NTR’s policy of developing smaller wind projects. The company will use the cash from the Osage sale to strengthen its reserves and identify further wind opportunities across its markets.