NTR announces intention to demerge Its European wind business

NTR plc has decided demerger of its European wind business from the other parts of the Group.

It is proposed that the European wind business will be demerged from other parts of the Group into a new holding company. The new holding company will hold the European wind business following the demerger and will also hold cash to fund an initial distribution via a share redemption offer.

All NTR shareholders will initially remain as shareholders in both the existing business and the new holding company pro rata to their existing shareholding in NTR plc. Shareholders can either select to remain with the European wind business or to have all of their shares redeemed in the new holding company.

Shareholders can either select to remain with the European wind business or to have all of their shares redeemed in the new holding company. Dreamport Limited (currently 38.15% owners of NTR plc), has indicated to the Board of NTR plc that it intends to retain its stake in the European wind business.

The demerged European wind business will continue with its business plan to invest €150 million of equity, €50 million of which will be provided from funds which are to form part of the demerged business, into c. 175MW of pre-construction wind assets. To date, over 80MW of wind assets have been acquired or secured under exclusivity.

NTR plc intends to issue a circular to all shareholders within a number of weeks, providing more detailed information on the proposed demerger.

Last week we reported on several wind projects globally:

• 60 MW Djibouti wind farm - Djibouti
• 175 MW White Rock wind farm - Australia
• 99 MW Vila Pará wind farm - Brazil
• 1.2 GW Hornsea offshore project - UK
• 288 MW Baltic 2 offshore wind farm - Germany
• 400MW MEG 1 offshore wind - Germany
• 48 MW Yunnan province wind farm - China
• 15 MW Ora More wind project - UK
• 400 MW Gansu province wind farm - China