NTR plc has confirmed that it has completed its agreement with the National Roads Authority (NRA) in relation to the West-Link toll facility.
Under the terms of the agreement with the NRA, NTR will continue to manage and operate the facility until August 2008 and the NRA will make index linked payments of €50m per annum from August 2008 to March 2020 in respect of the original West-Link concession agreement.
NTR also confirmed that it has completed a transaction to monetise the value of the payments to be received from the NRA in respect of the West-Link, from August 2008 to March 2020, for an up-front consideration of €488m. NTR will have on-going corporation tax obligations in relation to payments made by the NRA.
NTR will use the funds realised to support its growth plans and to repay debt.
Michael Walsh, Group Finance Director, said - "The completion of the West-Link transaction - and the related monetisation - mark a further significant milestone in the evolution of NTR plc from an Irish Toll Road company to a leading International Developer and Operator in Renewable Energy and Sustainable Waste Management."
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