AIRTRICITY, the wind energy company, will raise up to €200m before the summer. NTR and Quinn Group are expected to participate in the massive funding round, putting up €101m and €30m of the money sought respectively, writes Brian Carey.
AIRTRICITY, the wind energy company, will raise up to €200m before the summer. NTR and Quinn Group are expected to participate in the massive funding round, putting up €101m and €30m of the money sought respectively, writes Brian Carey.
The company, founded by Eddie O’Connor, former boss of Bord na Mona, will use the proceeds to fund an expansion drive into America. Last week, the company announced the appointment of Pat Wood, the former US federal electricity regulator, as chairman of its US advisory board. The company is committed to building 600 MW of wind farms in Texas alone this year, at a cost of €750m.
In February, the company placed an order for 250 wind turbines with Mitsubishi, the largest single order ever placed with the Japanese company.
NTR, which owns 51% of Airtricity, is planning €400m of equity investments in its wind energy, waste and biofuel subsidiaries over the coming three years. Between €150m to €200m of that money is to be raised from NTR …
The company, founded by Eddie O’Connor, former boss of Bord na Mona, will use the proceeds to fund an expansion drive into America. Last week, the company announced the appointment of Pat Wood, the former US federal electricity regulator, as chairman of its US advisory board. The company is committed to building 600 MW of wind farms in Texas alone this year, at a cost of €750m.
In February, the company placed an order for 250 wind turbines with Mitsubishi, the largest single order ever placed with the Japanese company.
NTR, which owns 51% of Airtricity, is planning €400m of equity investments in its wind energy, waste and biofuel subsidiaries over the coming three years. Between €150m to €200m of that money is to be raised from NTR shareholders, the first cash call at the company in almost 20 years. Top shareholders, the Roche family and Philip Lynch’s One51, are expected to support the cash call. The rest of the money for the equity investment will be generated internally.
Airtricity raised €88m in a fund-raising drive in 2004. In an interview, Jim Barry, NTR’s chief executive, would not disclose the precise sum to be raised but said the total would be more than twice that of the 2004 funding. NTR and Quinn also advanced loans of €120m to the company earlier this year.Barry also said Airtricity would undertake another private fund-raising, probably in 2007, before considering a stock market flotation.
NTR last week announced the results of a strategic review that will result in the company focusing on wind energy, waste and biofuels. The group will retain its road interests and will spin off its Irish Broadband subsidiary. NTR may participate in a final fund-raising at Irish Broadband, Barry said.
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