Energy company Airtricity has announced the signing of a deal to raise €80m in equity from private investors.
The company said the funds will be used to continue the construction of Airtricity's pipeline of wind farm sites in the UK and Ireland, as well as the continued expansion of the company and the development of new wind farm sites in Europe and the US.
Airtricity said agreement has also been reached with the Quinn Group to become a significant shareholder in the company. The Quinn Group owns wind farm assets in Ireland and has other operations in cement and glass manufacturing, general insurance, hotels and property.
The completion of the private placement is subject to Airtricity shareholder approval.
Eddie O'Connor, Chief Executive of Airtricity, said that the company will now be valued in excess of €250m, representing a 29% increase in share value from the last private placement completed by the company in June 2003.
