NTR plc, the renewables investment group, today announced that its US wind company, Wind Capital Group LLC has successfully completed a transaction with TradeWind Energy Inc. for the sale of its 150MW Osage wind farm in Oklahoma, USA.
The Osage project, which began construction last autumn, will start commercial operations in 2015 and sell its entire output under a long-term power purchase agreement with Associated Electric, a Missouri based electric cooperative.
The wind project has been sold for a consideration of $60m (c.€44m) and assumption of all outstanding liabilities.
Said NTR CEO Rosheen McGuckian; “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 Group continues to manage over 350MW of operating wind projects and is actively pursuing other opportunities for profitable growth.
In 2013, NTR plc set out its strategy which is to focus on continuing to expand its portfolio of wind investments with particular emphasis placed on projects of under 40MW each. The proceeds of the Osage transaction further solidify the group’s strong cash reserves as it pursues further wind opportunities across its markets.