It now has a controlling interest in Arizona-based Stirling Energy Systems (SES), a developer of utility-scale solar powered electricity generation plants.
SES is developing two of the world's largest solar generating projects in the Imperial Valley and Mojave Desert to bring clean, renewable power to Southern California.
The investment by NTR will provide SES with the financial and commercial expertise to deliver these projects. Combined, the two projects will initially produce 800 megawatts (MW) of power and up to 1,750 MW with contract extensions when the plants are fully constructed.
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"This is a very exciting investment for NTR," said Jim Barry, Group Chief Executive of NTR.
"The investment supports NTR's strategy and our commitment to continued investment in renewable energy businesses with strong future growth potential," he said. "Following the success achieved with Airtricity, we have been actively pursuing such investment opportunities. SES is a particularly attractive business opportunity with very significant future development potential."
SES is the innovator of the highly efficient concentrating solar energy technology called the SunCatcher. The SunCatcher combines a mirrored concentrator dish with a high-efficiency Stirling engine specially designed to convert reflected sunlight to electricity. The technology has been in testing for several years at the US Department of Energy's Sandia National Laboratories in Albuquerque, New Mexico.
"SES is now poised to move to the next stage in its commercialisation plan," said SES President and Chief Executive, Bruce Osborn. "The investment by NTR will give SES access to the development, commercial and financial expertise required to commercialize the SunCatcher. NTR's experience and proven commercial track record in the renewables sector make it an ideal partner for SES."
(VB/JM)
