Renewable energy firm Airtricity has bought US-based Renewable Generation Inc (RGI) for an undisclosed amount.
As part of the cash and shares deal, Airtricity gets a joint share in the McDonald Ranch wind project, which is due to begin contruction in 2006. RGI is a Texas-based wind development firm.
"This important deal consolidates our growing position in the US market," said Airtricity chief executive Dr Eddie O'Connor. "The acquisition adds a large number of high quality development projects but more importantly greatly strengthens our US team by the addition of the best development group in the Southwest market."
RGI's existing shareholders will get a cash payment and equity in Airtricity Holdings as part of the sale.