OnPath Energy said it is pressing ahead with a £1bn UK investment plan over the next five years after reporting a £69.4m operating profit in its latest annual accounts.
The Sunderland-based developer said it is now exploring new onshore wind opportunities in Scotland, England and Wales to build upon its existing 3GW development pipeline of wind, solar and battery assets after doubling down on the £1bn spending proposal signalled earlier this year.
It will also continue a recruitment drive that has seen 30 new jobs created over the past 18 months following its acquisition by Brookfield in December 2023.
OnPath banked £95.7m in turnover in the 15 months to end-2024 in an extended accounting period that included the sale of the 67.2MW Kype Muir Extension onshore wind farm in Scotland to funds managed by Schroders Greencoat, according to a statement.
The figures compare to £20.8m operating profit and £50.2m turnover in the 12 months to September 2023.
Chief financial officer Simon Fisher said: “We have delivered a very encouraging set of results despite UK power prices being lower than the previous period and are well set to build on them in the coming years.
“We are making significant investments in high-quality renewable energy infrastructure as we grow in terms of our diversity of projects and technologies, as well as geographically, and have a clear strategy in place for how we will achieve our growth ambitions.
“We are continuing to develop our portfolio of wind farm assets and other technologies, thereby creating sustainable profits in future years, while also seeking value from the recycling of capital as market opportunities arise to optimise that portfolio.”
Chief executive Richard Dunkley added: “Having the world’s largest dedicated transition investor as an owner presents a wide range of new opportunities around access to capital, global procurement relationships and PPA markets which will be central to our future development.
“The changing policy landscape and the government’s commitment to making Britain a clean energy superpower opens the way for us to contribute significantly to meeting its ambition of doubling onshore wind and tripling solar power by 2030.
“We welcome the Government’s recent announcement to reform the national electricity market rather than move to a zonal system, which is good news for British consumers and gives us the best chance of delivering Clean Power 2030 by supporting investment in low-cost renewable electricity.
“New onshore wind farms will help to create jobs, improve security of energy supply and help reduce consumer electricity bills, while they will also deliver significant, tangible benefits to the communities in which they’re based, as our existing onshore wind farms have been consistently doing for many years.”