Renewable energy

NTR loss drops as it focuses on wind energy

Investor and asset manager of renewable projects NTR has reported a significantly lower loss of €16.2m for the year ended 31 March 2013, down from €88.8m the previous year.

It said it had delivered the key components of its three-year strategic plan a year ahead of schedule by building cash reserves and consolidating the group into a “slimmer, renewable investment and asset management group, with a particular focus on wind energy”.

The group’s total assets stand at €775m, further to it selling Greenstar Recycling for $180m as well as wind and solar assets and its remaining shareholding in ethanol producer Green Plains Renewable Energy.

NTR expects to invest in wind projects at later stages in the development cycle and add wind projects in EU markets to its current assets in the US.

Rosheen McGuckian, chief executive officer of NTR said:  “We are very pleased to report the successful execution of our plan ahead of schedule, which enables NTR to both aim to return capital to shareholders and to re-enter the UK and Irish wind markets with confidence.  There is excellent value to be created by careful selection of quality projects in these markets.”