<< Back to all Press Releases
Successful Refinancing of €120m Greenstar Ireland Debt Facility Announced
September 10 2009
NTR plc, the international renewable energy group, announced at its AGM in Dublin the successful refinancing of a €120m debt facility for its Irish based sustainable waste management business, Greenstar (Ireland). The facility provides Greenstar with the continued financial flexibility to invest in its recycling and waste management facilities and to respond to opportunities arising from the potential consolidation of the Irish waste management market.
The new €120m debt facilities are for a term of three years, maturing in September 2012, with additional flexibility on associated covenants, giving strong endorsement to Greenstar’s development strategy and its successful management through the existing economic downturn. A club of seven Irish and international banks are providing the facility – Bank of Ireland (Arranger and Agent), AIB Group, Ulster Bank, Bank of Scotland (Ireland), Rabobank, Barclays Bank and new addition to the consortium, HSBC.
Said NTR Chief Executive Jim Barry; “We are particularly satisfied with this vote of confidence in Greenstar and, by extension, the NTR Group, by the banking community in the current financial market environment. The refinanced facilities provide important headroom for the Greenstar business to strengthen its position as the premier provider of environmental, waste management and recycling solutions in the Irish market.”
About NTR plc
NTR plc, the international renewable energy group, builds and runs green energy and resource-sustaining businesses. Founded in 1978, NTR has evolved from being a developer and operator of infrastructure in Ireland to an international developer and operator of renewable energy (wind, solar and ethanol), and sustainable waste management businesses in the USA, UK, and Ireland. The company employs over 4,100 people.
About Greenstar
Greenstar, a subsidiary of NTR plc, is Ireland’s largest provider of environmental, waste management and recycling services. Greenstar offers customers an environmentally compliant, transparent and traceable service with respect to collection, materials recovery, recycling, biological treatment, e.g. composting, and residual landfill. Additional services offered by Greenstar include consultation, education, research, and environmental waste auditing.
Since its inception in 1999, Greenstar has invested €275 million in infrastructure and strategic acquisitions and has increased employment from 100 to over 600 in 40 locations nationwide.
Greenstar operates materials recovery facilities (MRFs) in Wicklow, Sligo, Cork and Dublin, including Millennium Park, the country’s largest and most sophisticated automated recycling facility, which can divert between 70-85% of waste from landfill disposal. Greenstar delivers services to over 7,000 business customers nationwide and 60,000 households in nine counties, including Dublin, Cork, Waterford, Wexford, Wicklow, Kilkenny, Carlow, Sligo and Mayo.
Greenstar owns and operates three EPA licensed, state-of-the-art residual landfill facilities at Knockharley, County Meath, Kilconnell, Co. Galway and Ballynagran, Co. Wicklow. Greenstar has received many awards including the 2009 Green Apple Award for operational excellence and the 2008 PEEL People’s Cup for its residual landfill facility at Ballynagran, Co. Wicklow, the first time an Irish facility had received this prestigious award.
|
