Under the direction of Rosheen McGuckian, NTR plc first half profits soar to €72.6m, following the sale of its US wind energy firm.
NTR plc a leading investor and asset manager of renewable energy projects recently announced its financial results reporting a profit of €72.6m as part of its final results announcement prior to a demerger of the Group.
The profit is principally due to the gain achieved on the sale of the assets of Wind Capital Group completed in May, together with a foreign exchange gain on a deferred payment for the prior sale of a US wind project and six weeks of trading by the US wind business up to May 2015.
Shareholders’ funds increased by 29% over the previous six months from €175.4m to €226.6m and total assets as of September 30th, 2015 stood at €280.8m comprising a mixture of cash and investments in European wind projects.
Cash reserves were €177.1m which have since been augmented by the early receipt of US$20m (€18.1m) relating to the prior sale of the Group’s US waste recycling business in 2013.
During the period some 42MWs of construction-ready wind projects across Ireland and the UK were acquired and subsequent to September 30th, a further 23MW were acquired or agreements entered into, with additional projects under review and in exclusivity.
Plans to raise co-investment equity by way of a fund are also well advanced and the demerged NTR continues to target Q4 2015 to secure third party equity on top of its own commitment of €50m. The target set by the Group is to raise €120m.
Reporting on the results, chief executive officer, Rosheen McGuckian said; “We are pleased to report a very healthy profit for the Group and to be in a position to present shareholders with the opportunity to avail of the share redemption of €2.25 per share, while ensuring that Altas Investments plc is put on a sound financial footing prior to the demerger. The NTR executives will now move with the demerged business and continue with our plans to acquire, build and operate wind projects across Ireland and the UK.”
Vincent Crowley, who has had extensive executive and non-executive experience primarily in media, will chair the incoming board of Altas Investments plc.
WINDS OF CHANGE
Founded in 1978 to develop and operate Ireland’s first toll road, NTR plc has grown and diversified throughout the last three decades to become a renewable energy investment business.
Since 1999, NTR plc has constructed and operated 1.75GW of wind projects across the US, UK and Ireland and the wind energy sector is NTR plc’s primary platform for future growth in renewable energy investment.
In addition to reporting strong profits last June, NTR also announced the acquisition of the 15MW Ora More wind project located in Co. Fermanagh. NTR has acquired the pre-construction project from RES, a renewable energy developer, and the project is expected to enter construction in the autumn, creating over 50 construction jobs over the coming year.
“The Ora More wind project is a significant addition to our wind fleet in Northern Ireland, where we also have 12 single turbine projects under construction and in operation. RES has developed an outstanding project and we are very pleased to have the opportunity to acquire Ora More at this point. NTR intends to construct the project and operate it over its lifetime,” McGuckian added.
- Rosheen McGuckian was appointed CEO of NTR plc in April 2013.
- Since joining NTR in 2008, McGuckian has held a number of leadership positions in NTR including most recently as Group business development director and CEO positions in solar development and waste management platforms within the group.
- Prior to joining NTR, she was CEO of GE Money Ireland, the consumer finance division of General Electric, having joined GE in 2002.
- Prior to joining GE, McGuckian led the business transformation initiative for Irish utility ESB Power Generation.
- She is a director of the Strategic Banking Corporation of Ireland (SBCI), Social Innovation Fund of Ireland and is a member of the Advisory Board of Trinity College Dublin School of Engineering.
- She holds a PhD, MA and BSc.