Wind Capital agrees to sell two wind projects to Pattern Energy

6 April 2015 (Last Updated April 6th, 2015 18:30)

Wind Capital agrees to sell two wind projects to Pattern Energy

NTR’s US wind company, Wind Capital Group has signed an agreement to sell two of its wind projects to Pattern Energy Group for a gross consideration of $244m.

Under the terms of agreement, the company will divest its Post Rock and Lost Creek wind projects, which have a combined operational wind power of 350MW.

NTR chief executive officer Rosheen McGuckian said: "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."

Pattern Energy president and CEO Mike Garland said: "The outstanding quality of these assets is a perfect fit for our portfolio."

"Despite exiting two wind investment portfolios in two economic cycles, NTR reaffirmed commitment to wind energy and has re-entered the Irish and UK wind markets."

Subject to regulatory approval and certain commercial consents, the transaction marks the successful sale of 500MW of wind projects by NTR/Wind Capital Group over the last year.

Proceeds after repayment of third party debt will be approximately $195m, while Marathon Capital and Winston and Strawn served as advisors to Wind Capital Group and NTR.

Despite exiting two wind investment portfolios in two economic cycles, NTR reaffirmed commitment to wind energy and has re-entered the Irish and UK wind markets.

The company has secured exclusivity on more than 50MW of ready-to-construct wind projects in fulfilment of its strategy to build and operate a further 150MW of wind over the next two years.