NTR plc Confirms Completion Of Solar Transaction
June 04 2008
NTR plc (NTR), a leading international developer and operator in renewable energy and sustainable waste management, today announced that the recently announced transaction involving Stirling Energy Systems, Inc (SES) has been completed.
The agreement involves an investment of $100 million (€63 million), by NTR, for a controlling interest in SES, a Phoenix, Arizona based developer of concentrating solar generation technology and developer of utility-scale solar powered electricity generation plants.
SES is developing two of the world’s largest solar generating projects, in the Imperial Valley and Mojave Desert, to bring clean, renewable power to Southern California. The investment by NTR will provide SES with the financial and commercial expertise to deliver these projects. Combined, the two projects will initially produce 800 megawatts (MW) of power, and up to 1,750 MW with contract extensions, when the plants are fully constructed.
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Note to Editors
About NTR plc
NTR’s strategy is to be “a Leading International Developer and Operator in Renewable Energy and Sustainable Waste Management”. Consistent with this strategy, NTR is currently engaged in a significant phase of development in renewable energy through its investments in wind energy (Wind Capital Group), solar energy (Stirling Energy Systems), bio-ethanol production (Green Plains Renewable Energy), and in sustainable waste management in North America, the United Kingdom and Ireland (Greenstar). This follows the successful completion of the sale of its interests in the West-Link toll facility and Airtricity Holdings Limited which delivered substantial investment returns for the Company and its shareholders. NTR plc is an unlisted public company and its shares are traded on a “grey market” operated by the company’s brokers. NTR has operations in Ireland, the UK and the US.
About Stirling Energy Systems (SES)
SES was formed in 1996 to develop and commercialize advanced solar technology. The company maintains corporate headquarters in Phoenix, Arizona, project and technical development offices in Tustin, California, and engineering and test site operations at Sandia National Laboratories in Albuquerque, New Mexico. The SES SunCatcher is a concentrating solar power (CSP) technology that uses mirrors to concentrate the sun’s energy and convert it to electricity. CSP technologies include dish systems, parabolic troughs, power towers and concentrating photovoltaic. The dish concentrator tracks, collects and focuses the sun’s energy and the Stirling engine converts the thermal energy to grid quality electricity. The SunCatcher technology has significant advantages including power conversion efficiency, cost competitiveness and low water usage. The SunCatcher is a zero emission renewable energy technology.