Renewable energy company Infinis Energy has reached a deal to acquire an 18.5 megawatt consented onshore wind farm project in Northumberland from Peel Group.
Renewable energy generator Infinis Energy swung to a profit in the year to the end of March, although revenue was hit by weaker wholesale power prices. The FTSE 250 group posted a profit before tax of £20.7m for the 12 months to 31 March compared with a restated loss of £11.8m last year, while revenue declined 1% year-on-year to £236m.
Earnings before interests, tax, depreciation and amortisation (EBITDA) fell 3.77%, although excluding exceptional items EBITDA jumped 31.4% to £140.2m.
The increase was due to a £39.4m exceptional item in the last financial year, which did not recur in the year to 31 March, the company said in a statement, adding that administrative expenses were halved to £39.2m, while finance expenses fell 35% to £38.5m.
The group said its landfill gas and wind businesses were performing in line with expectations and said its contracted position and an expected increase revenue meant it had "good visibility of cash generation for the coming year".
"In early December 2014, Terra Firma, the general partner of our largest shareholder, announced their desire to find a way of selling down their entire and remaining holding of nearly 70%," said group chairman Ian Marchant.
"We have engaged constructively with Terra Firma and continue to seek solutions that are in the interests of all shareholders."
Renewable energy company Infinis Energy has reached a deal to acquire an 18.5 megawatt consented onshore wind farm project in Northumberland from Peel Group. Along with the 8 megawatt Sisters Wind Farm project developed by Infinis, which neighbours the newly-acquired project, the facility is at an advanced stage of construction and the London-listed company said it expects grid energisation to take place in June next year.
Last week, the Department of Energy and Climate Change said new onshore windfarms will be excluded from a subsidy scheme from 1 April 2016.
"We are driving forward our commitment to end new onshore wind subsidies and give local communities the final say over any new wind farms," said Energy and Climate Change Secretary Amber Rudd.
(ShareCast News) - Sell shares in waste-to-energy producer Infinis Energy, said the Sunday Times's Inside the City column. When Chancellor George Osborne last Wednesday swept away long-standing tax breaks for Infinis, Drax and other green energy producers in his Budget it was an especially big blow for Terra Firma, the private equity firm that owns 69% in the company and had been looking to sell its stake. Infinis, whose main businesses are onshore wind farms and converting waste gas from landfill sites, closed the week at 145.75p, a drop of 27%. Since the UK general election the company has been hit hard. Two weeks ago, the energy secretary slashed payments to wind farms, making the prospects for some projects in Infinis's pipeline less certain, while the Budget's takes a bite of £5 per megawatt hour out of earnings. The company now believes profits will fall £7m this year and £11m the next. Although Infinis generates plenty of cash and yields a healthy 12%, profits are headed the wrong way and its £610m in loans now represents 30% more than its market value.
reminds me of those magnificent men in their flying machines ... down.. up ... so all those who bailed must be feeling a tad sheepish ... I have considered buying more but don't want too much in one place
Datafeed and UK data supplied by NBTrader and Digital Look.
While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.