NTR, the Dubin-based investor in renewable energy and sustainable waste management businesses, has increased its shareholding in Wind Capital Group, its US-based wind energy business, from 62% to 97%. In recent months, NTR has also invested further capital in Wind Capital Group.
Wind Capital Group’s 201MW Post Rock wind energy project is scheduled to come online in the second half of 2012 and will provide enough electricity to power over 70,000 homes. Kansas-based electric utility Westar Energy will purchase the power generated at Post Rock under a 20-year power purchase agreement. The project will use 134 General Electric 1.5-82.5 wind turbines.
“Wind Capital Group has made significant progress in the last year and is on track to have 350MW of operating assets and a strong pipeline of follow on projects,” comments Michael McNicholas, chief executive of NTR. “Our increased shareholding in Wind Capital consolidates our position in the company at a time in which a substantive amount of operating assets are coming on-stream. Wind Capital represents a solid asset and is well positioned as a platform for NTR’s renewable activities in the US market.”
Meanwhile, NTR has reduced its stake in Green Plains Renewable Energy from 23% to approximately 2%. The move is in line with NTR’s strategy to rebalance its portfolio and the capital released to support its investment in US wind.