Sale of Greenstar UK Releases Strong Value for NTR Shareholders


June 10 2010

NTR plc, the international renewable energy group, today announced the proposed sale of its UK based sustainable waste management business, Greenstar UK, to Montagu Private Equity (“Montagu”) and Global Infrastructure Partners (“GIP”), the controlling shareholders of Biffa, for a gross consideration of £135m (circa €162m; $194m).

Successful completion of the deal will release significant liquid resources for NTR Group, enabling it to both fortify cash reserves and strategically invest in other areas of its clean energy and resource sustaining portfolio. The net proceeds to NTR Group after repayment of debt and disposal costs will amount to circa £80m (circa €96m; $115m).

The transaction, which is subject to regulatory and various other approvals, arises from a strategic review by NTR of its business portfolio.  With a range of growth opportunities to exploit, the Group concluded that its UK waste management business would provide greater value to NTR shareholders through a sale at this point.  The decision does not affect NTR’s Irish and US based Greenstar businesses, which will continue to play a critical role in the Group’s strategy to build and run clean energy and resource sustaining businesses.

“The Greenstar UK team, with the support of NTR plc, have built a premier sustainable waste management business that has attracted the strategic interest of one of the leading players in the country.  Greenstar UK is on the cusp of significant further growth opportunities and with competing demands for resources from the other parts of our portfolio, this transaction both releases substantial cash reserves for NTR and opens up new sources of funding for Greenstar UK,” said Jim Barry, Chief Executive, NTR plc.

This transaction represents just one dimension of NTR’s strategic evolution as it continues to preserve balance sheet strength at Group level whilst exploiting opportunities for growth across its portfolio. Other recent examples include the announcement of successful project debt financing of $240m by its wind business, Wind Capital Group and the securing of a €120m debt facility by its Irish based Greenstar business. In addition, Green Plains Renewable Energy Inc., in which NTR has an investment, has also successfully completed an $80m primary equity raising.

“The quality of our portfolio continues to attract significant interest from leading debt providers and potential equity partners, even in this most difficult funding environment, providing us with a wide range of options to pursue,” concluded Jim Barry.
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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 (wind, solar and ethanol) and sustainable waste management businesses in the USA, UK, and Ireland. The Group employs over 4,100 people.
NTR plc

Issued on behalf of NTR plc by:
Heneghan PR, Rachel Watchorn/Nigel Heneghan: Tel + 353 1 660 7395/ + 353 86 814 3931

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