The board of Airtricity has announced it has reached an agreement with Scottish and Southern Energy to sell the remainder of the wind energy company for €1.1 billion.
Tolls, waste and broadband group NTR, who owned 51%, environmental investment firm Ecofin and Airtricity staff and management were the company's shareholders.
Speaking on RTÉ Radio's Drivetime this evening, Jim Barry, chairman of Airtricity and chief executive of NTR, said the deal should net NTR in the region of €850m.
Today's transaction covers Airtricity's operations in Ireland, the UK, Portugal, Germany, Holland and China.
The deal comes as a result of a review of Airtricity's strategic options, which was undertaken after the sale of its North American business unit in October of last year.
That unit was purchased for €1.1 billion by German energy giant E.ON, but was worth in excess of €700m to Airtricity after costs and liabilities were factored in. Therefore, Airtricity's total business was sold for around €1.8 billion.
Airtricity supplies green energy to over 35,000 commercial customers in Ireland.
