Gaelectric sees turnaround in pre-tax profits in 2014
Renewable energy company Gaelectric made a pre-tax profit of €5.5m in its last fiscal year after losing €7.2m before tax the previous year, newly filed accounts show.
The turnaround reflects Gaelectric's transition from a development company to one that has holdings in revenue-generating assets, chief financial officer Barry Gavin told the Irish Independent.
"For much of the last 10 years, we have been developing a portfolio of renewable energy projects, including a near term portfolio of approximately 350 MW of wind energy projects in Ireland with grid connections and full planning approvals in place. We expect to have this portfolio generating power by 2017," Mr Gavin said.
"Our latest group financials reflect this transition and include a revenue line for the sale and supply of electricity. We expect these operating revenues to grow significantly in the near term," he added.
It's estimated that 1MW of wind capacity can provide enough electricity to supply approximately 650 homes, according to the Irish Wind Energy Association.
Gaelectric, which was set up in 2004, also has interests in biomass. Turnover at the company increased from €90,866 in the 2013 financial year to almost €6m last year.
In November - which will be included in Gaelectric's next set of accounts - the firm opened a €74m windfarm in the North.