Gaelectric's €7.2m loss in wind-energy development
Published 02/02/2010 | 05:00
IRISH wind-energy development firm Gaelectric made a €7.2m operating loss in the year to the end of last March, although it still held shareholder funds of nearly €26.8m at the year end.
Accounts just filed at the Companies Office show that it also had cash totalling more than €18m at the end of last March, while directors' remuneration soared from €360,000 to over €1.15m.
The company appointed new directors during 2008, including Denis Hickey, Hugh Logue, Patrick Asple, Matthias Schalper, Michael Jacob and Brian Kiely.
Gaelectric is headed by chief executive Brendan McGrath. He and his brother Eamon founded the company and have expanded its operations into the US, although the firm has yet to begin construction on any wind farms in Ireland. However, it is thought that site development of at least one wind farm in Ireland is due to begin within a matter of months.
In 2008, Gaelectric secured €25m in fresh funding from investors backed by Dolmen, valuing it at €100m at the time.
Gaelectric has had mixed fortunes in the US. One of its subsidiaries, Gaelectric Northwest, has become embroiled in a legal dispute with a joint-venture partner, Airdynamics.
That company is understood to be claiming that it is owed tens of thousands of dollars in fees for various services it provided to Gaelectric Northwest.
The two founders of Airdynamics were also unhappy with a number of issues, including what they perceived to be a lack of commitment from the Irish parent company.