NTR's Arizona Stake To Hit 51pc

Irish Independent : June 19 2009

NTR is expected to boost its stake in Arizona-based solar energy firm Stirling Energy Systems (SES) to 51pc via a $50m (€36m) equity injection within the next six to nine months.

The move comes as SES seeks to secure significant finance in order to develop its ambitious project pipeline in the US.

SES chief executive Steve Cowman confirmed that NTR, which also owns waste recycling outfit Greenstar, has an option to increase its stake in SES from 40pc to 51pc after investing $100m in the US firm back in 2008. The investment marked the Irish company’s first foray into the solar energy business. It had divested its Airtricity wind energy operation, selling it to Scottish and Southern Energy. That is estimated to have netted NTR about €850m.

Speaking at a New Mexico test facility for the solar energy company, Mr Cowman also said that NTR has engaged two high-profile financial advisory institutions to raise a significant amount of capital for SES. The current project pipeline at SES will cost well in excess of $2bn to develop.

The solar company thinks it could have up to one gigawatt of solar electricity production in operation in the US by 2012. One gigawatt is the equivalent of the output of an averaged-sized nuclear power plant.