The board of NTR is likely to meet as early as today to decide on a preferred bidder for the European wind farms of its 51 per cent-owned subsidiary Airtricity. The assets have been on the market since last November with a price tag of some €1 billion.

While it is known that bids were due just before Christmas, NTR's spokesman declined last night to comment on the sale or on the likelihood of a board meeting today. "As originally stated, an announcement will be made in due course," he said.

The disposal of Airtricity's European interests follows the sale of its US wind farms to German utility Eon for €1 billion last October.

The outcome of the auction for the European business could not be predicted ahead of NTR's board deliberation, but it is believed that a number of international utility groups are in contention.

Eon was considered a likely bidder, as was its fellow German utility RWE, French energy group EdF and Italian group ENI. Australian investment group Babcock & Brown, Eircom's owner, also examined the business.

It is still unclear whether Airtricity founder and 4 per cent shareholder Dr Eddie O'Connor has succeeded in raising funds to mount a bid himself. He is known to have sought backing for such a bid in recent weeks.

Airtricity's other shareholders include alternative energy fund Ecofin, which owns a 16 per cent stake. Excluding Dr O'Connor's stake, senior Airtricity executives own 12 per cent. Private investors hold the balance.

NTR is mulling a return of as much as €400 million to its investors this year if it executes the European sale, which would herald its departure from the wind energy sector.