Renewable energy company Airtricity has completed the acquisition of Renewable Generation, a US-based wind energy developer in a cash and stock deal.
Established in 2001, RGI is one of the leading developers of wind projects in Texas and has over 1,000 mega watts of projects at various stages of development in Texas, New Mexico and Colorado.
Among other assets, the deal gives Airtricity 100% ownership of the 215 mega-watt McDonald Ranch wind project which the two companies have been jointly developing and which goes into construction in mid 2006.
'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,' commented Airtricity's CEO Eddie O'Connor.
He said that Airtricity will construct over 200 mega-watts of projects in the US in 2006 and are in a very strong position to more than double that number in 2007.
