Airtricity announced that it has entered into a definitive agreement to sell its North American business unit (“Airtricity North Americaâ€) to E.ON AG for a purchase price equating to an enterprise value of approximately $1.4 billion and subject to closing adjustments. The proceeds of the sale of the North American business unit will support the ongoing development of Airtricity’s European business.
Airtricity North America initiated wind power development activities in 2003 and has over 80 employees with offices in Chicago, Austin and Toronto. Airtricity North America currently operates wind farms with around 210MW installed capacity with an additional 880 MW of projects expected to be operational by the end of 2008. In addition, to support long-term growth across the U.S. and Canada, the company has more than 1,000 MW of projects in an advanced development stage while more than 5,000 MW are in an early development stage.
E.On stated that the move is its first outside Europe with considerable growth potential. "The acquisition of Airtricity in North America marks our entry into the world’s most attractive renewables market. It is a further step towards establishing a leading international position in the renewables business," stated E.ON’s Lutz Feldmann, company board member responsible for E.ON renewables.
