Profit at Bord na Mona fell more than 50% last year to €17.3m from the €35m recorded 12 months earlier, despite a healthy first full year showing from the developer’s Irish midlands wind farms.
The semi-state company said the drop in post-tax profit was largely due to writedowns in the value of its fossil fuel assets and an air and water treatment business.
Turnover rose 6% to €432.8m on the back of better sales at the 84MW Mount Lucas wind farm in Offaly and 42MW Bruckana project in Tipperary.
Bord na Mona said operating profit was swelled by €7.1m to due the wind farms that completed their first full financial year of operations.
It also revealed that it invested €22.3m to secure a 50% stake in the 58MW Sliabh Bawn wind farm in Roscommon. The deal was first reported in the subscriber-only newsletter reNEWS.
Sliabh Bawn will feature Siemens 101 3.2MW turbines and will be operational next year.
The company said securing planning permission for large projects is a “significant challenge” that is impacting on planned timelines for wind farm builds.
“A key focus in recent years has been engaging with local communities on major infrastructural energy projects through ongoing public consultation, to address their concerns and meet expectations on all projects,” it added.
“Developing our portfolio of renewable generating assets is a key strategy for the business. While we continue investment in projects based on wind and biomass, we are investigating the potential development of large-scale solar projects on Bord na Mona lands.”
Image: Mount Lucas wind farm (reNEWS)
