Sunday , December 16 2018
Home / Economy / NTR’s tie-up with US giant BlackRock to sell off assets

NTR’s tie-up with US giant BlackRock to sell off assets

A portfolio of renewable energy assets put together by Irish investor NTR in partnership with BlackRock, the world’s largest asset manager, has been put up for sale, the Irish Independent has learned.

Shareholders in Altas Investments, the company which holds a number of legacy assets from NTR, are set for a windfall from the sale.

NTR hived off its European wind business three years ago with the remainder of its assets – including toll roads – being placed into an entity called Altas Investments.

Altas, whose shareholders include IPL Plastics – formerly One51 – was established to sell off its own assets and return money to shareholders.

Before that, back in 2011, NTR and BlackRock had created a joint platform, based in Dublin, to invest in assets and businesses in the renewable energy sector.

The BlackRock NTR Renewable Power Fund was designed to “combine the international track record of NTR in renewable power infrastructure development with the global fund management and distribution capabilities of BlackRock”.

“NTR will provide market perspective and insights to the renewable power investment team and will also retain an economic interest in an identified set of products on the new investment platform,” the companies said at the time.

It is understood some or all of the portfolio is now for sale. A BlackRock arm is the investment manager for the assets.

A spokesperson for Altas declined to comment and directed queries to BlackRock.

A spokesperson for BlackRock said it was unable to comment.

The NTR holding in the platform was spun out into Altas as part of the breakup of NTR.

That saw the company’s European wind business hived out into a separate business that retained the NTR name.

Assets spun out into Altas included an interest in Celtic Anglian Water, which was subsequently sold, and investments related to NTR’s origins as a toll roads business.

Irish Independent

Check Also

EU network charges could revive roaming fees

“Put back those roaming charges we’ve just scrapped? We wouldn’t dream of it!” That’s the …

120*600 120*600