Infinis reports strong first quarter but concerns blow in over levy

 
Joseph Millis
INFINIS Energy yesterday reported a “strong” first quarter, saying it was on track to hit full-year expectations.

It said it had generated more energy in the period and costs and prices met expectations.

However, a fly in the ointment is the government’s decision to scrap the climate change levy just as Infinis attempts to complete its onshore wind projects to qualify for government subsidies.

The renewable energy firm said it generated 586 gigawatt hours of power in the first quarter, up from 572 gigawatt hours a year earlier.

“Day ahead pricing and operating costs were in line with expectations. We have maintained our focus on operational performance with high engine reliability in our landfill gas business of 96 per cent and wind availability also at 96 period over the period,” Infinis said in a statement.

Its A’Chruach wind farm, on the Isle of Arran, is “progressing according to plan”. The Galawhistle project, in East Ayrshire, is also being constructed.

The company is at the “advanced stages” of procurement and financing for its wind farm projects at Sisters and North Steads near Widdring­ton village in Northumber­land – with financial close expected in early autumn 2015.

Cash and cash equivalents stood at £107.7m as at 30 June 2015 and net debt at the same date was £527.2m.