Airtricity, the wind energy company controlled by NTR, plans to raise a further €60 million from the sale of new shares after investors showed strong demand for stock in last month's €250 million equity fundraising.
Toll-road operator NTR will take up €30 million worth of new stock and British investment firm Ecofin will take € 10 million, with the remainder going to investors whose demand was not satisfied in the initial round that began in June.
Under the original plan, NTR agreed to invest €127.5 million, maintaining its 51 per cent shareholding in the alternative energy company, while Ecofin agreed to spend €122.5 million on a 16 per cent stake.
The additional fundraising will bring the total equity raised to €385 million, Airtricity said yesterday. This figure comprises €310 million of primary equity and €75 million of secondary equity.
In a shake-up of the company's ownership structure, Quinn Group said last month it would sell its 13 per cent stake in Airtricity to existing shareholders for €69 million, close to twice the €35 million it paid for its shares two years ago.
Airtricity will use the cash to fund its expansion in the US, the UK and at home. It signed a $550 million (€435 million) deal with GE Energy at the end of June that will give Airtricity more than 300 new wind turbines to help it build more capacity in the US.
The company intends to build wind farms producing a combined 4,500 megawatts in Texas, New York, Pennsylvania, Colorado and New Mexico.
The company has windfarms throughout Ireland, including the country's biggest offshore development on the Arklow Bank, off the Wicklow coast. It is also developing one of Europe's biggest windfarms at Ardrossan, in the west of Scotland.
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