NTR to Spin Off European Wind Assets to New Holding Company

(Bloomberg) — NTR Plc, a Dublin-based investor of clean-energy technologies, plans to spin off its European wind energy
business.

NTR will be re-named Atlas Plc after the spinoff and manage
the company’s wastewater-treatment facilities, toll-road
concessions and energy-storage projects, it said in a statement.
Its European wind energy assets will be owned by a holding
company to be called NTR Plc and is offering to buy current
shareholders out for 2.25 euros ($2.49) apiece.

The new wind energy business will continue to invest in
pre-construction wind assets across Ireland and the U.K.,
according to the statement. NTR declined to comment Tuesday on
the reasons for the change.

Dreamport Ltd., which has about a 38 percent stake in NTR,
will retain its shareholding in the wind business. One Fifty One
Plc with a 23.6 percent stake and Pageant Holdings Ltd. with 9
percent will redeem their shares. If all shareholders opted for
redemption, that’s equivalent to 219.1 million euros ($242.5
million), according to the statement.

The proposal is still subject to shareholder and court
approval, the statement said.

To contact the reporter on this story:
Louise Downing in London at
ldowning4@bloomberg.net

To contact the editors responsible for this story:
Reed Landberg at
landberg@bloomberg.net
Randall Hackley, Rachel Graham

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