United States

United States

BUSY WITH PUBLIC REALTIONS

In a flurry of five press releases within two days, New World Power reported on activities in the US, Guatemala, New Zealand, England, and Ireland. The publicly traded renewables developer has been selected to develop a wind farm of up to 60 MW in Guatemala; it has been short-listed for a 30 MW project in New Zealand; it has agreements with landowners in Wyoming; it has a contract for 15 MW in Ireland; and its 4.5 MW project at Four Burrows in England has started operation and been debt financed by Hambros Bank.

In Guatemala, the municipality of Huite and the National Rural Electric Co-operative International Ltd (NRECIL) has selected New World to finance, construct, own and operate a wind project, the first phase to comprise 15 MW and operate by end 1996. The New Zealand shortlisting is with Wairarapa Electricity for a site with excellent winds at Haunui. In Wyoming, New World has secured land and an agreement with an independent power company that could lead to a 150 MW wind farm at Foote Creek Rim, south of Medicine Bow. New World says it is in discussions with several utilities for the electricity from the first 50 MW, to be operating by 1997. In Ireland, New World is the major partner in a venture to build a 15 MW wind farm in County Tipperary under the Irish Alternative Energy Requirement. New World's partner is Bord Na Mona, a government peat company.

¥ New World reported a net loss of $1,508,932, or 28 cents a share, on revenues of $1,421,179, for October-December 1993, a transition period as the company changed its fiscal year to a calendar year. New World says its 1994 results include a loss of $950,258 on its Mexican operations and special reserves of $999,000, including provisions for a "troublesome receivable" and downsizing of the field service business at Palm Springs and other staff reductions. The company expects a significant operating improvement in 1995 and believes it operated at near break even levels during the first quarter, compared with a $1,592,881 loss in the year ago quarter.

Have you registered with us yet?

Register now to enjoy more articles
and free email bulletins.

Sign up now
Already registered?
Sign in

Windpower Monthly Events


Latest Jobs