NTR plc Interim Results For Period Ended 30th September 2010

NTR Enters Strategic Relationship Agreement With BlackRock Inc. To Form A Renewable Power Investment Group
February 28 2011

Dublin, 28th February 2011: NTR plc, the renewable energy and sustainable waste management group, today announces its financial results for the six month period ended 30th September 2010.

NTR Group’s US based wind, waste and ethanol divisions continue to perform well, while the Group’s actions in response to the decision to delay the roll-out of utility-scale SunCatchers have since begun to produce results. 

Financial Highlights

Commenting on the first six months of the year, Chief Executive of NTR plc, Jim Barry said; “Having taken the necessary actions in relation to our solar division, we expect to report a significant deceleration of solar expenditure in the second half of the year, resulting in the continued financial resilience of the Group. In addition, the sale of our interests in our two major Californian solar projects should realise further cash resources over time.”

He continued: “It is our view that the current price of the company’s shares on the grey market does not reflect the underlying value of our assets or their inherent growth potential. NTR holds strong positions in a range of quality performing assets across the renewable energy and sustainable waste sectors, backed by balance sheet strength. While we have had to act swiftly to counter the effects of recent capital market uncertainties on our solar division, the fundamentals of our core portfolio remain robust and are poised for future value growth.”

Dividend

The Board had indicated at its recent  AGM (December 2010), that the dividend policy would be kept under review, taking into account prevailing economic conditions and the stated intention to deliver a significant liquidity event for shareholders within a three year timeframe. In line with these factors, the Board is not declaring an interim dividend. The Board will keep the payment of any future dividend under close review.

Future Strategy – Recapturing Growth

The Group has, in recent weeks, completed a comprehensive three year strategic planning review and has determined a series of strategic priorities under the theme “Recapturing Growth”.  The priorities reflect our continued confidence in the core platform with a particular emphasis on driving the full potential from that platform and remaining financially resilient.

The main tenets of the strategy are:

Strategic Relationship Agreement with BlackRock Inc. to Launch Renewable Power Investment Group

In fulfilment of one of its strategic priorities, NTR plc and BlackRock Inc. are today announcing the formation of a strategic relationship agreement to launch a new renewable power investment group.  The renewable power investment group will combine the international track-record of NTR in renewable power infrastructure development with the global fund management and distribution capabilities of BlackRock. A number of key renewable power principals from NTR will join the BlackRock Alternative Investors (“BAI”) investment platform, which currently manages over US$110 billion of assets across a range of alternative investment strategies. BlackRock Inc. is a leader in investment management, risk management and advisory services for institutional and retail clients worldwide. At December 31, 2010, BlackRock’s AUM was US$3.561 trillion.

As part of the strategic relationship between the two companies, NTR will provide market perspectives and insights to the renewable power investment team and will also retain an economic interest in the new investment platform.

Commenting on this strategic development for the Group, Jim Barry said, “We see this as an exciting and significant development for NTR as for some years now, we have identified renewable power as being a highly attractive asset class. We are delighted to combine our expertise in this sector with the global capabilities and reach of BlackRock.”

Leadership Announcements

In line with this exciting development for the Group, NTR plc is pleased to make the following leadership announcements.

Jim Barry*, Group Chief Executive will transition to BlackRock Inc. as Chief Investment Officer of the renewable power investment platform between now and the summer.  He will have responsibility for establishing the new venture, which will be a significant opportunity for NTR plc.  Jim will continue to be extensively available to NTR plc during the transition period.

Michael McNicholas*,currently Chief Operating Officer of NTR plc, has been appointed Deputy Chief Executive Officer of NTR plc and will assume responsibility for day to day operations with immediate effect, with a view to being appointed Group CEO following the planned transition. Michael joined NTR in 2010 as Chief Operating Officer and is a main Board Director. He previously worked across a variety of senior positions in the Irish utility, ESB.

Michael Walsh*, Group Finance Director,has been appointed Chief Executive Officer of Woodford Capital, Ltd., the investment vehicle of the Roche family, with effect from 4th April  2011. 

Neil Parkinson*,Chief Executive Officer of Greenstar Ireland, will succeed Michael Walsh as Chief Financial Officer.  Neil has previously been Finance Director and CEO of ESAT Group and has held a number of CEO positions within the NTR Group. He will take up his new position from 21st March 2011.

*See Notes to Editors Section for full biographies.

Commenting on the announcements, Tom Roche, Chairman of NTR plc said: “Both Jim and Michael have worked with NTR plc for a considerable number of years and, under their combined leadership, we have seen the Group expand from what was effectively an Irish toll road business, into one of the leading international diversified renewable energy and waste management businesses.”

He continued; “The Board of NTR is very excited about the potential of the strategic relationship with BlackRock Inc. and we know that Jim will bring the same vision and drive to this new opportunity as that which was instrumental to the Group’s development over the past decade. I am also extremely pleased that as Michael takes up his new position with Woodford Capital, his valuable insight and guidance will continue to be available to the Group.”

He finished; “I am delighted that their shoes will be filled by internal candidates of such ability and calibre as Michael McNicholas and Neil Parkinson, who between them have extensive senior leadership experience on an international scale.”

Ends

                                                   

Notes to Editors

About NTR plc

NTR plc, the international renewable energy group, builds and runs green energy and resource-sustaining businesses. Founded in 1978, NTR has evolved from being a developer and operator of infrastructure in Ireland to an international developer and operator of renewable energy and sustainable waste management businesses in the USA and Ireland. The Group employs over 2,000 people. www.ntrplc.com

AboutBlackRock Inc.

BlackRock is a leader in investment management, risk management and advisory services for institutional and retail clients worldwide.  At 31st December 2010, BlackRock’s AUM was US$3.561 trillion.  BlackRock offers products that span the risk spectrum to meet clients’ needs, including active, enhanced and index strategies across markets and asset classes. Products are offered in a variety of structures including separate accounts, mutual funds,iShares® (exchange traded funds), and other pooled investment vehicles. BlackRock also offers risk management, advisory and enterprise investment system services to a broad base of institutional investors through BlackRock Solutions®.  Headquartered in New York City, as of 31 December 2010, the firm has approximately 9,100 employees in 25 countries and a major presence in key global markets, including North and South America, Europe, Asia, Australia and the Middle East and Africa.  For additional information, please visit the Company's website at www.blackrock.com.

Biographies

Jim Barry

Chief Executive Officer, NTR plc

Jim was appointed Chief Executive of NTR plc in June 2000, having served as Assistant Chief Executive and General Manager, Development. Under his leadership, NTR expanded from an Irish toll roads business into one of the leading international diversified renewable energy and waste management businesses.

Prior to joining NTR plc in 1998, Jim worked with Bain and Company, a leading global management consulting firm, and in the investment banking division of Morgan Stanley International.

Jim has a Bachelor of Commerce degree from University College Cork and a Masters in Business Administration from the Harvard Business School. Jim is on the Council of Patrons of Special Olympics Ireland and is a board member of The Ireland Funds. He also sits on a number of Advisory Boards related to activities in University College Cork and the Harvard Business School.

Michael McNicholas

Deputy Chief Executive Officer, NTR plc

Michael McNicholas has been appointed as Deputy CEO, with a view to transitioning to Group CEO in the summer of this year.

Previously, Michael was NTR plc’s Chief Operating Officer and provided broad operational leadership across the Group’s businesses with a particular focus on NTR’s renewable energy portfolio (solar, wind and ethanol), and more recently, on its sustainable waste management portfolio. Michael was appointed to the main Board of NTR plc on 9th September 2010.

Prior to joining NTR plc in February 2010, Michael was a Director of ESB International, the international investment arm of the Irish energy company. Michael has over 25 years of experience in the Irish and International energy industry where he has held senior positions with responsibility for general management, delivery of major capital projects, funding, international energy project investment, managing regulatory environments and competing in open energy markets.

Michael has a Degree in Engineering from University College Galway.  He is a Chartered Member of Engineers Ireland and a Committee Member of the Energy Institute.

Michael Walsh

Group Finance Director, NTR plc

Michael was appointed Group Finance Director of NTR plc in February 2003, with responsibility for Group funding and financial management. During his tenure as Group Finance Director, NTR completed investment, disposal and fundraising transactions valued in aggregate at over €3 billion and in 2006, returned some €250 million to NTR shareholders by way of a special liquidity event.

Prior to joining NTR plc, Michael was Group Finance Director and Company Secretary of Musgrave Group plc for ten years. Michael has a Bachelor of Commerce degree from University College Cork and qualified as a Chartered Accountant in 1982. Michael worked with PricewaterhouseCoopers in both Dublin and London.

Michael is a non-executive director of Fleming Capital plc and EFMI Global Utilities and Infrastructure Funds plc and is also a member of the Council of the Institute of Directors in Ireland.

Neil Parkinson

Chief Financial Officer, NTR plc

Neil will become Chief Financial Officer of NTR plc from 21st March 2011.

Neil was Chief Executive of Greenstar Ireland and during his tenure undertook significant restructuring of the business in response to market challenges, as well as acquiring and successfully integrating the  Irish waste assets of Veolia.

Prior to Greenstar Ireland, Neil was CEO of Irish Broadband, NTR's wireless broadband business, which was merged with Imagine Communications group in May 2008. He has previously held the positions of Chairman, Chief Executive and Chief Financial Officer of Esat Group. Esat Group was the leading alternate telecommunication operator to the incumbent in the Republic of Ireland. The Esat Group was acquired by BT Group in 2000 for US$2.4 billion.

Neil holds a Bachelor of Commerce degree from University College Dublin and is a fellow of the Institute of Chartered Accountants in Ireland.

For further Information:

Heneghan PR, Nigel Heneghan / Rachel Watchorn: Tel + 353 1 660 7395

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