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Former government adviser on energy, Tanya Harrington. has
been appointed as the director of NTR Foundation.
The body was established on foot of the renewable energy
company’s 2008 liquidity event, in which €280 million was
returned to shareholders following the sale of the West-Link
toll bridge and a controlling interest in Airtricity.
NTR has committed €5.5 million to the foundation and a further
€2.4 million of its shares. Shares trade on the grey market
and were valued at €2.75 a share recently. This means that
the shares committed to the foundation are worth €6.6 million
at present.
NTR
Foundation will take a venture philanthropy approach
to the project. This is similar to venture capitalism, but
results are measured in terms of social impact. It is expected
to invest hundreds of thousands of euro in a small number
of projects, rather than scattering the money across a large
number of recipients.
The body will invest expertise and finances in businesses,
non-governmental organisations or research. Even investment
in entrepreneurial vehicles will not be based on potential
commercial return.
Three key areas will be targeted - climate change, security
of supply and resource sustainability.
‘‘We are going to do a lot of research around the areas
and invite people to make contact with us in the specific
areas," said Harrington. ‘‘We would lean into active or venture
philanthropy, whereby we would invest very significant sums
of money into building the talent or capabilities of organisations.
Ideally, what we would do is find projects which could be
brought to scale.
‘‘The idea is to have a positive societal impact which is
measurable," she said. ‘‘For example, one of the things we
will be looking at is renewable energy in the developing world
and actually trying to select really useful projects."
Harrington said there would be a very rigorous selection
process.
Rosheen McGuckian, NTR group corporate development director,
added - ‘‘We want something that we feel will grow, be sustainable
and make impact far beyond the original project. There is
an area that needs investment and there is an opportunity
for NTR to say this is a space we really believe in - the
concept of securing a greener future."
Source - The Sunday Business Post
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