NTR plc, the Irish renewables investment group, has confirmed that following a strategic review, Marathon Capital LLC has been appointed by its US wind company Wind Capital Group LLC to launch a sale process of its wind projects.
The two projects, Post Rock and Lost Creek based in Kansas and Missouri respectively, comprise 350 MW of operating assets with long-term offtake contracts.
Chief Executive of NTR plc Rosheen McGuckian stated;
NTR’s review, which was undertaken by independent advisors Marathon Capital LLC, has indicated that the market for selling US operational wind projects is very favourable and that the profile and quality of the two wind projects should be attractive to a wide range of potential purchasers. Taking these factors into consideration, the Board has decided that launching a sale process is an appropriate strategy to optimise the value inherent in these projects.
The process will formally launch later this month, with a view to seeking initial bids from interested parties in 2015.
NTR plc will not be in a position to comment any further on the sale process until a satisfactory outcome has been achieved, which is expected to take some months.
On 16 September 2014 we reported that the board of NTR plc had announced that three of its principal shareholders, Woodford Capital, One51 plc and Pageant Holdings Ltd, who collectively own 71.5% of NTR’s issued share capital, had proposed to the board the process of selling the US-based wind assets owned by the company.