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Irish wind developer and supplier Airtricity in profit for first time
1 June 2004
Irish wind developer and green power supplier Airtricity has moved into profit for the first time since its launch in 2000. The company's annual results for 2003 reveal an after tax profit of EUR 1.4 million for the year -- up from a loss of around EUR 2 million in 2002. Turnover from sales of renewable electricity increased by 80%, up from EUR 51.3 million in 2002 to over EUR 115 million in 2003. Nearly 50% of the growth in turnover was from new business, with over 9000 new electricity customers acquired in the year. This brings the total number of Airtricity's small and medium business customers in Ireland and Northern Ireland to over 30,000. Other landmarks for the company in 2003 were its first planning permit in the US -- for the Goshen 120 MW wind project in Idaho with joint venture company Ridgeline Airtricity Energy -- completion of its first UK wind farm at Ardrossan in Scotland, first planning consent in Northern Ireland, installation of phase one of its offshore wind farm of GE Energy turbines at Arklow Bank, completion of a further 38.5 MW in Ireland at two wind farms at Kingsmountain and Snugborough, and the award of a lease to develop a 500 MW offshore plant in the UK. Airtricity completed a EUR 28 million equity fund raising from its shareholders last July to invest in Scotland and Ireland. The company's Mark Ennis says, "I believe that Airtricity now stands on the brink of a period of long term sustained growth."
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