NTR sells Oklahoma wind farm to US rival for $60 million
Renewable energy company’s project had been threatened with legal action
The Osage project, which will not start commercial operations until next year, was held by NTR’s US subsidiary Wind Capital.
The company had been threatened with legal action after indicating it would seek an exemption from the authorities if any of the giant turbines proposed for Osage lands happened to kill bald eagles, which are protected by law.
When up and running, the project will sell its entire output under a long-term power purchase agreement with Associated Electric, a Missouri-based electric co-operative.
NTR said the project had been sold for a consideration of $60 million and assumption of all outstanding liabilities.
NTR chief executive Rosheen McGuckian said: “We are very pleased to have obtained a very satisfactory value for the Osage project through its sale to a strategic party such as TradeWind.”
TradeWind are active participants in the Midwest and saw the value of a quality wind project which is in an advanced stage of development.”
“The transaction marks the successful transition of Wind Capital Group from a predominantly project development oriented company to a wind investment and operations company.”
Wind Capital continues to manage over 350MW of operating wind projects and is actively pursuing other opportunities for profitable growth.
Last year, NTR said it would focus on continuing to expand its portfolio of wind investments with particular emphasis placed on projects of under 40MW each.
“The proceeds of the transaction further solidify the group’s strong cash reserves as it pursues further wind opportunities across its markets, the company said.