Energy investor NTR sells €221m assets

Dublin-based renewable energy investor NTR has sold two of its American company’s wind farm assets for a combined €221m.

The renewables investment company based in Sandyford, Co Dublin, announced yesterday that Wind Capital Group — its US business — had agreed to sell its Post Rock and Lost Creek wind projects to Pattern Energy Group.

The sale, which is subject to regulatory approval, is for a gross consideration of $244m. Proceeds after repayment to a third-party debt will be approximately $195, the company said yesterday.

Commenting on the sale, NTR chief executive Rosheen McGuckian said the competitive process had delivered value for its shareholders.

“Pattern Energy was the successful bidder following an extensive auction process, which had garnered significant interest due to the outstanding quality of these operating wind assets,” said Mr McGuckian. “We are exceptionally pleased with the outcome and the value achieved for our shareholders.”

Those comments were largely echoed by Pattern Energy chief executive Mike Garland, who also lauded the assets his group has agreed to purchase.

“The outstanding quality of these assets is a perfect fit for our portfolio,” he said. “We are pleased to acquire them from a team that has demonstrated experience in developing and operating world-class wind farms.”

The sale marks the culmination of a sell-off process of some 500MW of wind projects by NTR and Wind Capital over the past 12 months.

The company came under pressure to sell its US-based wind assets at the group’s AGM in Dublin last September. NTR’s board was questioned over a number of issues, including shareholder performance, directors’ pay, board independence and growth strategy.

Chairman Tom Roche refuted criticism at the time, however, saying the board was run independently, fairly and appropriately.

The company says it is committed to wind energy and has re-entered the Irish and UK wind markets, where it has secured exclusivity on over 500MW of ready-to-construct wind projects in fulfilment of its strategy to build and operate a further 150MW over the coming two years.

Pattern Energy, listed on the Nasdaq and Toronto Stock Exchange, has a portfolio of 15 windpower facilities across the US, Canada, and Chile.