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Airtricity equity raised for continued expansion
1 July 2004
Green electricity company Airtricity has raised EUR 80 million of equity from private investors to fund construction of the company's portfolio of consented wind farms. The money also enables Airtricity's continued expansion into overseas markets and development of new wind farms in Europe and the US. Major shareholder National Toll Roads maintains its 51% stake and other existing shareholders were invited to increase their holdings. The Quinn Group, which owns businesses as diverse as cement and glass manufacture, insurance and hotels, has also become a significant shareholder. The group already owns wind farm assets in Ireland. Airtricity's Eddie O'Connor comments that the company will now be valued at over EUR 259 million -- a 29% increase in share value from the last private placement in June 2003. "Airtricity has a unique business model and we are particularly delighted that investors have chosen once again to back the ambitious plans of management," he says.
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