From the Arizona Republic:
Firm buys $100 million interest in Stirling Energy Systems
An alternative-energy company in Ireland has agreed to pay $100 million for a controlling interest in Stirling Energy Systems Inc., a developing solar-energy company in Phoenix.
The deal could add 100 people to Stirling Energy's current staff of about 40 in Phoenix, said Ian Simington, group-development director for Dublin-based NTR plc.
"It will change things hugely for Stirling because now they have funding to accelerate every single aspect of what they are doing," Simington said.
The investment from NTR will help fund two massive solar-thermal power plants in Southern California that were announced in 2005 but are yet to open.
Stirling plans to begin building the first phase, a 300-megawatt solar farm next year near El Centro, Calif., and San Diego Gas & Electric has agreed to buy the power, Stirling Finance Director Doug Obal said Thursday.
Combined with another plant near Barstow, Calif., which has an agreement to sell power to Southern California Edison, Stirling could eventually generate more than 1,700 megawatts of electricity at the two sites, about as much as a large coal-fired power plant....MORE
From the Independent (IRE):
...NTR yesterday confirmed it is to take a 51pc stake in Stirling Energy, which is planning to spend $2bn over the next four years to develop two massive solar energy fields in California that will be among the world's biggest when completed.
..."If these two projects work, as we believe they will, the scale of opportunity could be enormous," said Mr Walsh, who added that land options have already been secured for the solar sites and that the "big challenge" will be to commercialise the technology. He said project financing discussions are at an early stage, but foresees no obstacles given NTR's track record in relation to Airtricity. Typical large-scale power projects are about 80pc debt financed.
At the end of March, NTR had €750m of cash on its balance sheet. It recently finalised the sale of its 51pc-owned Airtricity business for €1.8bn, net of debt. NTR, which also owns the Greenstar recycling business, received about €900m for its stake in Airtricity....MORE
Important note: NTR is a closely held Irish Company whose stock is traded OTC in a grey market.