NTR increases stake in Wind Capital

Irish investment firm NTR has increased its shareholding in Wind Capital Group, its US-based wind energy business.

The move comes after it announced plans yesterday to reduce its stake in US ethanol producer Green Plains Renewable Energy (GRPE) to 3.5 per cent from 23 per cent.

Separately, NTR also announced the completion of a secondary offering with Jefferies & Company that saw a public offering of 3.45 million shares of its GPRE common stock at a price to the underwriter of $10.06 per share.

The shares were sold to the public at $10.41 per share. Upon closing of the secondary offering and GPRE’s repurchase of shares, NTR will raise $71.9 million, of which $44.8 million will be immediately receivable in cash.

The company said today it had increased its shareholding in Wind Capital from 62 per cent to 97 per cent.

Last month the company agreed further funding in Wind Capital Group. It closed deal with a group of international institutions that allows it to borrow €270 million to fund a project in Kansas.

“Wind Capital Group has made significant progress in the last year and is on track to have 350MW of operating assets and a strong pipeline of follow on projects. In January, we announced the successful financing of the Post Rock wind energy project with a total funding of $350 million put in place with top tier financial institutions. This was achieved in a tough capital market environment," said Michael McNicholas, NTR chief executive.

"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,” he added.

NTR was established in 1978. Its main owners are chairman Tom Roche and his family, who hold a 39.61 per cent stake in the business, and Irish investment group One51, which owns 24.46 per cent.