NTR plc Announces Sale of Airtricity to Scottish & Southern Energy Plc

January 04 2008

The Board of Airtricity Holdings Limited (“Airtricity”), the leading wind energy company, today announced that a definitive agreement has been reached to sell Airtricity to Scottish and Southern Energy Plc (“SSE”) for an equity value of approximately €1.1 billion. As part of the transaction SSE will assume liabilities of €375 million. The purchase price will include payment for the proceeds from the recent North American business unit (“Airtricity North America”) divestiture of approximately €0.8 billion. The combined purchase price, including the North American transaction net of transaction costs and other adjustments is approximately €1.8 billion. NTR plc (“NTR”), Ecofin and other shareholders representing in excess of 80% of the voting shares of Airtricity have approved and committed themselves to the transaction.

The Board of Airtricity believes that this transaction offers outstanding value to all shareholders and ensures continued investment in the growth and development of the company under the custodianship of SSE. SSE intends to utilise Airtricity as a platform to develop a truly pan-European renewables business.

Airtricity announced on the 22nd November 2007, following the agreement to sell its North American business unit on the 4th October 2007, that it had undertaken a review of its strategic options for the remainder of its business and, on the basis of that, had decided to proceed with a sale process.  After a competitive process, the Board of Airtricity concluded that it is in the best interests of the Company and its shareholders, to proceed with a sale of its business to SSE. The transaction is subject to customary closing conditions, including certain regulatory approvals and clearance. The transaction is expected to close by end Q1 2008.

“The sale of Airtricity to Scottish and Southern Energy is a very important milestone for both Airtricity and its shareholders,” said Jim Barry, Chairman of Airtricity and Chief Executive of NTR. “Today’s announcement will secure Airtricity’s position as a world leading renewable energy company as part of a large electricity utility. NTR is proud to have been part of the growth and development of Airtricity since our initial investment in 1999 and we are pleased that its future development has been secured.  This outcome is a credit to the energy, drive and capability of Eddie O’Connor, his senior team and all the employees at Airtricity.”

Ian Marchant, Chief Executive of SSE said: “Investment opportunities in renewable energy will become increasingly important as the world becomes more carbon constrained and the EU becomes more concerned about energy security. I believe the combination of SSE’s and Airtricity’s interests in renewable energy will provide an excellent platform for future growth, which will be made much more achievable by combining SSE’s financial strength with Airtricity’s outstanding ability in project development. I am looking forward to working with the Airtricity team.”

Credit Suisse and NCB acted as financial advisors and Skadden, Arps, Slate, Meagher & Flom LLP, Arthur Cox and Lavery Kirby Gilmartin acted as legal advisors to the Board of Airtricity on this transaction.

Issued on behalf of NTR by Heneghan PR

For reference:

NTR plc

Nigel Heneghan / Rachel Watchorn Heneghan PR Tel: +353 (0)1 660 7395 / +353 (0) 86 258 7206 / +353 (0) 86 8143831


Brendan Murphy FD Tel + 353 (0)1 66 33 615 + 353 (0) 87 205 1111
Brendan Mulgrew Stakeholder Communications Tel: + 44 7767 39325

About NTR

NTR plc is a leading international developer and operator in renewable energy and sustainable waste management. The company employs 1,600 people and had annual revenues in excess of €440 million for the year ended March 2007. NTR has operations in Ireland, the UK, mainland Europe and the US. For more information see: www.ntrplc.com

About Airtricity

Airtricity is one of the leading renewable energy companies in the world. The Company is largely focused on the wind energy sector and has a significant development pipeline of onshore and offshore wind projects. The Company has active onshore operations in Ireland, the UK, Portugal and China and is present in the offshore markets of Ireland, the UK, Germany and the Netherlands. With almost 400MW of capacity in operation, a significant construction portfolio of more than 1,100MW to be built in the period to March 2010 and a total development pipeline of over 10,000MW (including China), the Company is well placed to significantly increase its installed asset base. As well as specialising in the development, construction and long term ownership of wind farms, the Company has retail electricity Supply & Trading businesses in Republic of Ireland and Northern Ireland. The company has approximately 300 employees. For more information see: www.airtricity.com

About Scottish and Southern Energy plc

Scottish and Southern Energy (“SSE”), headquartered in Perth, in Scotland, is an integrated electricity and gas provider, listed on the London Stock Exchange with a market capitalisation of around €19 billion and has an A+ Standard and Poor’s credit rating and A1 Moody’s credit rating. SSE is the UK’s largest generator of renewable energy, owning and operating almost half of the UK’s total renewable generation capacity, including over 1,500MW of hydro and one of the UK’s largest operational wind farms. SSE has four operational wind farms in the UK, with a totaled installed capacity of 162MW and three wind farms in construction with a total capacity of 74MW. For more information see: www.scottish-southern.co.uk

News and Investor Alerts

Receive Altas Investments news/press releases by email

Sign Up

RSS Feeds

Subscribe to Altas Investments's Newsfeeds.

RSS Subscribe

Media Enquiries