NTR under pressure to sell US wind farm assets

NTR has come under increasing pressure to sell its US-based wind farm assets and cease plans for its €50m European wind investment initiative.

At a fractious AGM in Dublin yesterday, the renewable energy-focused utility’s board came under pressure from the floor on shareholder performance, directors’ pay, board independence and growth strategy.

Chairman Tom Roche — who has been criticised for treating NTR like a family business, as his Woodford Capital vehicle is the group’s single largest shareholder — said the board was run independently, fairly and appropriately and that corporate governance is taken very seriously. NTR plans to invest €50m in 150mw of construction-ready wind farm projects, in Ireland, the UK and potentially mainland Europe, from this year onwards.