NTR Sells Roads Assets For €50m

Dublin, 30th September 2010: NTR plc, the international renewable energy group, today announces that its Roads subsidiary, National Toll Roads Limited (NTRL), has reached agreement to sell a number of its Irish road assets for a total consideration of €50m.

East-Link Limited, a wholly owned subsidiary of NTRL, together with NTRL’s shareholding in CRG Dundalk will be sold to DIF Infrastructure II, a Dutch based investment fund, subject to necessary approvals. As part of the transaction DIF will assume responsibility for the management of the East-Link toll facility. Operations at the East-Link toll road facility will continue as normal. 

NTRL’s Operation and Maintenance division will be sold to Egis Road Operation SA, a subsidiary of Egis Projects S.A., an international developer of infrastructure projects and services. The portfolio includes NTRL’s shareholding in North-Link (Dundalk), South-Link (Waterford) and Mid-Link (Portlaoise).

The transactions are in line with NTR plc’s strategy as an international developer and operator of renewable energy and sustainable waste management.

Commenting on the announcement, Jim Barry, Chief Executive of NTR plc said: “The transactions offer considerable value to our shareholders and will allow NTR to continue to invest in the growth and development of the company across our renewable and sustainable waste management portfolio. NTR has a long and successful history in PPP’s and toll roads in Ireland and we are pleased that DIF and Egis have recognised the value of these roads assets.”

“Notwithstanding, it marks a major milestone for the Group, as East-Link was NTR’s first ever infrastructure investment and the transaction marks NTR’s substantive exit from its legacy toll road business. I would like to thank all our partners and employees for their contribution to the success of that business over the years,” concludes Jim Barry.

Rik Joosten, Chief Executive Officer, Egis Projects said: “This transaction consolidates Egis Road Operation’s position as the leading European independent road operator and service provider. By adding the NTRL’s operation and maintenance division to its already significant presence in Ireland, Egis Projects is now able to deliver a comprehensive and competitive service to the Irish road users.” 

NTRL will retain its shareholding in the recently opened CRG Waterford and CRG Portlaoise toll concessions, whose contracts extend to October 2036 and November 2037 respectively.

Notes to Editors

Announcement Explanatory Notes

• Ireland’s first PPP, the East-Link Bridge in Dublin, opened in October 1984 and the concession will run until 31st December 2015. The East-Link Toll Scheme provides for the surplus from the toll collection to be distributed between its partners NTR, Dublin City Council and Dublin Port Company
• CRG Dundalk was awarded the toll road concession at the M1 Dundalk Western Bypass by the NRA in February 2004, the road opened in September 2005 and the concession will run until September 2035. CRG Dundalk’s shareholders are NTR, BAM and Semperian. CRG Dundalk’s ‘Operations and Maintenance’ and toll collection subcontractor is North-Link M1 Ltd. North Link’s shareholders are National Toll Roads Ltd., Semperian and BAM
• CRG Waterford was awarded the toll road concession at the N25 Waterford City Bypass in April 2006, the road opened in October 2009 and the concession will run until October 2036. CRG Waterford’s shareholders are NTR, BAM and ACS. CRG Waterford’s ‘Operations and Maintenance’ and toll collection subcontractor is South-Link. South-Link’s shareholders are NTR, BAM and Iridium
• CRG Portlaoise was awarded the toll road concession at the M7/M8 Portlaoise Motorway Scheme in June 2007, the road opened in May 2010 and the concession will run until November 2037. CRG Portlaoise’s shareholders are NTR, ACS and BAM. CRG Portlaoise’s ‘Operations and Maintenance’ and toll collection subcontractor is Mid-Link. Mid-Link’s shareholders are NTR, BAM and Iridium
• In summary, NTR will retain its shareholding in CRG Waterford and CRG Portlaoise. National Toll Roads Ltd has reached agreement to sell all its other roads interests i.e. its shareholdings in the O&M operations North-Link; South-Link and Mid-Link; its shareholding in CRG Dundalk and its shareholding in East-Link Ltd.

About NTR plc

NTR plc, the international renewable energy group, builds and runs green energy and resource-sustaining businesses. Founded in 1978, NTR has evolved from being a developer and operator of infrastructure in Ireland to an international developer and operator of renewable energy (wind, solar and ethanol) and sustainable waste management businesses in the USA and Europe. The Group employs over 2,000 people. www.ntrplc.com