Airtricity Acquires Texas Energy Company

Airtricity strengthened its U.S. operations by acquiring Renewable Generation Inc. (RGI), a wind energy developer based in Austin, Texas.

Established in 2001, RGI is a developer of wind projects in Texas and has more than 1,000 MW of projects at various stages of development in Texas, New Mexico and Colorado. Among other assets, the deal gives Airtricity 100 percent ownership of the 215 MW McDonald Ranch wind project which the two companies have been jointly developing and which goes into construction in mid 2006. “Airtricity will be constructing over 200 megawatts of projects in the U.S. in 2006 and are in a very strong position to more than double that number in 2007,” said Eddie O’Connor, Airtricity Chief Executive. Under the terms of the deal existing RGI shareholders will receive an upfront payment of cash and equity in Airtricity Holdings Ltd. Exact details are not being released, however the majority of the payments are tied to achievement of performance goals in terms of projects constructed.
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