Wind power SSE Renewables made profits of ?14.2 million last year

Irish-based green electricity business, SSE Renewables, made profits of €14.2 million last year, according its most recent results. SSE Renewables is made up of wind energy developer Airtricity’s operations and assets in Ireland, Britain and Europe, and became part of the Scottish utility following a €1 billion deal completed in 2007.

Airtricity supplies gas and electricity to domestic and industrial consumers throughout Ireland. The company entered the consumer market last year in competition with State-owned operators Bord Gáis and the ESB. The group recently filed figures with the Companies Registration Office (CRO) showing that it had profits before tax in the 12 months ended March 31st of €14.2 million, compared with a loss of €2.3 million the previous year.

The group’s balance sheet remained largely stable, with shareholders’ funds growing slightly to €878.2 million on March 31st from €867 million a year earlier. Its biggest asset was its debtors, who owed the group close to €790 million at the balance sheet date. Of this, €571 million was due from subsidiaries and was both unsecured and interest free.

An associated business, Midas Energy, owed it €6 million, which was repaid during the year, the accounts state. Its parent, Scottish and Southern Energy, owed SSE Renewables €216 million. The group has subsidiaries in Ireland and a number of European countries, including Britain, Germany and Portugal.

The subsidiaries include Greater Gabbard offshore wind farm off the southeast coast of England, which SSE is developing with Npower, and which generated electricity for the first time yesterday. The group owed its creditors €2.7 million on March 31st.