Partner Article

Renewable energy firm surpasses three-year targets

Renewable Energy Generation has overachieved, according to its chief executive Andrew Whalley, who said that three-year targets to invest £100m had been surpassed.

The Jersey-based firm, which works on renewable energy projects through two subsidiary companies, reported a profit loss after tax of £1.8m, however the firm said investment in projects across the country were ahead of expectations.

Revenues rose from £9.8m to £12.1m, and profits before tax and exceptional items were up to £2.7m from £0.1m in 2011.

Mr Whalley commented: “This year has seen us over-achieve against our three-year target to commit £100m of investment in UK renewable projects.

“Alongside successful construction of energetic new sites, we have also made considerable progress with planning submissions over the past 12 months and are well-positioned to significantly expand our operating portfolio.

“The business applauded Government efforts to encourage renewable energy schemes in local communities, but said improved infrastructure was needed.

Renewable Energy Generation called current policies on energy “chaotic”, however the company said it is still confident its shareholders and customers can gain values in this climate.

The business said its outlook was positive, and it had a achieved a strong basis for growth in the coming year by surpassing its targets for 2012.

This was posted in Bdaily's Members' News section by Miranda Dobson .