NTR is mulling a return of as much as €400 million to its investors next year if its 51 per cent-controlled subsidiary Airtricity succeeds in selling its European wind farms in the coming weeks.
Following the sale in October of Airtricity's north American unit for €1 billion to German multinational Eon, a return of cash in 2008 by NTR would be a year earlier than the utility group mooted in 2006 when it raised €170 million from investors.
Bids are due next week for Airtricity's European unit in an auction managed by Credit Suisse and NCB Stockbrokers. This business is expected to realise some €1 billion.
If such a price is achieved, the net gain to NTR from the European and north American sales would be in the range of €650 million-€800 million when debts are excluded.
The likelihood of such a gain from the Airtricity exit has prompted an internal discussion about whether NTR should bring forward by a year the "liquidity event" it promised for 2009 when it was raising funds in September 2006.
Returns in the range of €250 million-€400 million were mentioned at that time.
A decision is likely before the start of the group's next fiscal year in March.
An alternatively NTR may retain the Airtricity proceeds, using some of the money to expand its waste and bioenergy activities and execute the liquidity event as planned in 2009. No other significant disposals are likely before then.
The group believes there may be increasing opportunities in the international waste sector as the credit crunch reduces the scope of private equity companies to drive up the price of assets.
NTR's waste unit, Greenstar, has spent some €300 million on acquisitions this year.
Recent deals include the $126 million (€85.6 million) purchase of US operator Mid-America Recycling in October and the £75 million (€105.7 million) purchase of British firm Verdant in November.
The group's bioenergy unit, Bioverda, is a likely participant in the consolidation of the US ethanol industry.
The consolidation gained pace last month when VeraSun Energy bought US BioEnergy Corp for $700 million.
It is not known whether its investors would support waiting until 2009, given that the Airtricity money could be available to NTR within months.
The biggest shareholders is the family of NTR chairman Tom Roche jnr, who own about 42 per cent of the group, and investment firm One51, which owns 25.6 per cent.
NTR's total exit from Airtricity means there will be no draw from the group's resources for further investment in its most capital-intensive subsidiary.
