ESB wind energy arm turns a €1.45m loss

October 10, 2013 by  
Filed under Green Energy News

– 10 October 2013

THE ESB subsidiary responsible for the development and construction of wind farms in Ireland incurred a €1.45m loss last year.

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ESB Wind Development Limited develops wind farm projects and aims to bring them into operation. When the projects reach completion, the company recovers the cost through revenue.

It made a profit in 2011 of €486,000 but swung to a loss one year later.

The ESB has over 384 megawatts of wind farm generation capacity in operation in the Republic of Ireland, Northern Ireland and Britain.

“The revenue from these wind farms are recorded in their own standalone accounts, and in the consolidated results of ESB Group,” an ESB spokesman said.

“It is not recorded in the accounts of ESB Wind Development Ltd so the €1.5m loss in 2012 in this company does not in any way reflect the performance of ESB wind generation business in the year, or indeed of the long-term performance of that company”.

Wind Development Limited reported turnover last year at €3.31m, down from €11.3m the previous year, according to accounts filed with the Companies Office.

The company’s borrowings, largely from fellow group companies, relate to the financing of wind farm projects.

About €1.3m had been recorded last year for assets under construction, including a wind farm at Woodhouse, Co Waterford.

The ESB said the main project currently under development is Oweninny Power Ltd, a joint venture of which ESB owns 50pc. It is involved in the development and construction of a wind farm in Bellacorrick, Co Mayo, and the company advanced €1.5m to OPL during the year. The ESB said it expects to earn a return on its investment.

At the end of last year, the company owed €20.9m to other ESB subsidiaries.

It comes as the semi-state agency said it had cut its internal and external carbon footprint by over 30pc since 2006.

Significant progress has also been made in respect of reducing water consumption and waste management, and recycling, according to the ESB’s latest Sustainability Report.

ESB chief executive Pat O’Doherty said the organisation’s sustainability objectives prioritise the most pressing economic, environmental and corporate responsibility issues facing ESB and all energy stakeholders.

“ESB’s ongoing commitment to the installation of renewable energy generation, the development of smart networks and engagement with customers about their own energy efficiency all contributed to a strong performance in 2012,” he said.

Irish Independent

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