NTR plc Re-Enters Wind Energy Business In US - $150 Million Investment In Wind Capital Group
April 24 2008
NTR plc (NTR), a leading international developer and operator in renewable energy and sustainable waste management, today announces the investment of $150m in Wind Capital Group (“WCG”), a leading wind energy developer in the Midwest Region of the United States. NTR has also signed an agreement for the supply of 150MW of GE wind turbines on behalf of WCG for delivery in 2010 to accelerate the build out of WCG’s portfolio of development projects.
Based in St Louis, Missouri, WCG is one of the fastest growing wind energy developers in North America. NTR’s investment will take the company from being a regional developer to a major national player in wind energy development in North America.
WCG’s strategy places a great emphasis on partnering with local farming communities. As a result of energy prices continuing to increase and supportive US government policy on renewable energy, wind has become the fastest growing source of renewable electricity in North America.
Commenting on the investment, Jim Barry, CEO of NTR plc said: “In re-entering the wind energy business in the US, NTR is delighted to partner with Wind Capital Group with their unique business model, focusing on local partnerships in rural communities. Their rapid growth and early success is a testament to the strength of their business model. NTR is excited to be involved at this early stage in taking the business forward to the next level.”
Tom Carnahan, President of Wind Capital Group said: “With their expertise in global markets, NTR is a perfect partner for us. The investment they are making will help Wind Capital Group expand beyond the Midwest and become a major player in wind energy development across North America.”
WCG is currently developing wind farm projects in eight states across the central United States with a development pipeline of over 2,000MW of which the first will be coming on stream by early 2010. On-shore wind is the most cost efficient of all renewable energy sources and is the most scalable given its resource availability and proven technology.
Credit Suisse served as exclusive financial advisor to Wind Capital Group in this transaction.
Notes to Editors
About NTR plc
NTR plc is a leading international developer and operator in renewable energy and sustainable waste management. NTR’s wind development subsidiary, Airtricity, was recently sold to a combination of E.On and Scottish and Southern Energy for €1.9 billion ($2.7 billion). The company has a market capitalization in excess of €1.3 billion. NTR has operations in Ireland, the UK and the US.
About Wind Capital Group
Wind Capital Group builds wind farms with a project strategy that places serious focus on community involvement and developing relationships to guide a project toward success. Their wind energy development team of top experts uses their combined experience and ingenuity to “bring wind energy home.” In doing so, Wind Capital provides a welcome boost to hard-working rural communities. In partnering with Wind Capital Group, farmers can benefit from a new cash crop and the diversified income provided by wind energy production. The local partnerships help revitalize farm communities by broadening the tax base, strengthening schools, and renewing local identity.