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.