National Toll Roads (NTR) announced today it is set to spend more than €200 million this year developing wind farms and other infrastructure projects.
The bulk of the investment will be in roads, waste management, energy and telecommunications, with a large proportion spent developing onshore wind energy in the UK.
The announcement at the company's AGM today follows an increase in turnover for 2004 of 29.7%, to €273 million, and pre-tax profits of €18.2 million, a rise of 8%. In 2004, the company invested around €200 million in a number of infrastructure projects, including developing Irish broadband services.
It brought the total capital investments by the company to €360 million over the past three years. More than 90% of its capital investment last year was in its waste management and recycling businesses and renewable energy, the company said.
Tom Roche, chairman of NTR, said: "As reported in the Annual Report for 2004, NTR's focused diversification strategy has delivered significant growth in shareholder value in recent years.
"This has been achieved on foot of a sustained programme of capital investment in infrastructure assets, primarily in the renewable energy and waste management sectors.
"This investment also helps to address the 'infrastructure deficit' in the key areas of roads, waste and renewable energy in Ireland," Mr Roche said.
He said he expected the pace of investment to continue throughout 2005, with a plan to put more than €200 million into a number of projects. NTR operates in roads, renewable energy, waste management, water and waste water treatment and telecommunications.
PA