NTR seeks funds for wind investments, posts 14% higher profit
Wind farm in Ireland. Author: Harry Pears. License: Creative Commons, Attribution-ShareAlike 2.0 Generic
Irish green asset manager NTR Plc is raising money to invest in roughly 170 MW of onshore wind projects, the company said on Friday as it posted a 13.9% year-on-year rise in net profit for fiscal 2014/15.
The renewables investor has committed to invest EUR 50 million (USD 56m) into wind assets on its own and is also seeking an additional EUR 100 million from partners for the same purpose, it said in a statement. The group started the fundraising initiative towards the end of its fiscal year and “has received a very encouraging response to date”.
NTR saw its net profit for the year through March 31 increase to EUR 35.7 million from EUR 31.4 million a year back. It was helped by the performance of its US wind unit Wind Capital Group LLC prior to the latter's sale to Pattern Energy Group Inc, net foreign exchange gains and an income tax credit.
The company’s result from continuing operations before interest, tax, depreciation and amortisation was a loss of EUR 4.2 million, expanding from a deficit of EUR 3.5 million a year earlier. Should NTR have kept its US subsidiary, EBITDA would have been EUR 44.4 million, down from EUR 45.8 million in fiscal 2013/14.
“As we look ahead, while we fully expect to be profitable as a result of the sale of the US wind assets within this financial year, revenues from our new investments should start to flow in 2016 through 2017 as projects complete construction and energy flows. Our goal is to have profits fully running to a steady state basis by 2018,” said CEO Rosheen McGuckian.