NTR plc, the renewables investment group, today announced that its US wind company, Wind Capital Group LLC, has agreed to sell its Post Rock and Lost Creek wind projects (350MW of operational wind) to Pattern Energy Group Inc. for a gross consideration of US$244m. Proceeds after repayment of third party debt will be approximately US$195m.
The sale is subject to regulatory approval and certain commercial consents.
Said NTR CEO Rosheen McGuckian; “Pattern Energy was the successful bidder following an extensive auction process which had garnered significant interest due to the outstanding quality of these operating wind assets. We are exceptionally pleased with the outcome and the value achieved for our shareholders.”
“The outstanding quality of these assets is a perfect fit for our portfolio. We are pleased to acquire them from a team that has demonstrated experience in developing and operating world-class wind farms,” said Mike Garland, President and CEO of Pattern Energy.
This transaction marks the successful sale of some 500MW of wind projects by NTR plc / Wind Capital Group over the past 12 months, the second such successful exit by NTR plc from its wind investment portfolios spanning two economic cycles1. NTR remains committed to wind energy and has re-entered the Irish and UK wind markets, where it has secured exclusivity on over 50MW of ready-to-construct wind projects in fulfilment of its strategy to build and operate a further 150MW of wind over the coming two years.