Sunday, June 26, 2005

Airtricity Expands into U.S. Energy Marketplace with $270 Million Wind Farm Development Project

Airtricity Expands into U.S. Energy Marketplace with $270 Million Wind Farm Development Project: "Press ReleaseSource: Airtricity

Press Release Source: Airtricity
Airtricity Expands into U.S. Energy Marketplace with $270 Million Wind Farm Development Project
Friday June 24, 12:00 pm ET
Announces Aggressive Five-Year Growth Plan, Investment of $1.5 Billion

NEW YORK, CHICAGO and DALLAS, June 24 /PRNewswire/ -- Airtricity, the leading renewable energy company, today announced an initial investment in the U.S. of $270 million planned for the development of wind farms in Texas, New York and the Pacific Northwest and total investments in excess of $1.5 billion by 2010 in the North American market. Airtricity will use the initial investment to install turbines on a wind farm developed in conjunction with RGI, Inc. The wind farm, located in the Abilene area, will have an installed capacity of 125MW and will generate sufficient power to supply over 75,000 homes. The Turbines for this project will be supplied by the Siemens Wind Power company based in Florida. The other wind farms being constructed in 2006 will use wind turbines supplied by Gamesa.

In announcing Airtricity's expansion in the U.S. in a keynote address at Euromoney's 2nd Renewable Energy Finance Forum in New York, Chief Executive Officer Eddie O'Connor said, "This investment is a significant milestone for Airtricity as it comes at a time when there is limited wind energy capacity in the U.S. but growing recognition of the need to develop long-term renewable sources of energy. Over the next five years, we anticipate that growing demand for wind energy will enable our business in North America to account for nearly 50 percent of overall revenues, which will help us to become the largest private, renewable energy developer in the country."

Through this investment, Airtricity has made a strong commitment to retail customers in North Texas, including Dallas, Lubbock, Amarillo and surrounding counties. Sales of power from this wind farm will commence in 2006.

"One of the greatest potential economic and environmental crises facing society today is global warming. However, the leadership and people of Texas have signaled in many surveys that they want to deal with this issue. Texas is the state most strongly supportive of renewable energy in the United States, and Airtricity are delighted to participate in this customer-led venture," Dr. O'Connor added.

About Airtricity

Airtricity is a world leading renewable energy company. As an integrated utility, the company is both a generator and supplier of green electricity. The company currently supplies renewable electricity to over 40,000 commercial customers in both the Republic of Ireland and Northern Ireland and is developing wind farms in the USA, Northern Ireland, Scotland, and England.

About RGI Inc.

Renewable Generation Holdings Inc. is a wind project development company based in Austin, Texas. Founded in 2002, the company is active in Texas and the Southwest and Southeast US.
Source: Airtricity