Airtricity Sold to UK Giant for E1bn

IRELANDS biggest wind energy firm, Airtricity, has been bought by a major British utility for E1.08bn.

Airtricity has wind farms on both sides of the border, and in Scotland, and has plans for other sites in various parts of Europe.

Built up by former Bord na Mona boss Eddie OConnor, its major shareholder is the infrastructure group NTR.

It is being bought by the British giant Scottish & Southern Energy as part of its drive to become Britains biggest wind energy player.

The deal, under which Scottish & Southern will also take over E375m of debt, is likely to be completed by March.

Airtricitys owners had already sold off its operations in the U.S. last October to Germanys E. ON group for $847m. The latest deal will transfer E746.5m from the U.S. sale to Scottish & Southern as part of the companys assets.

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