August 22 (Renewables Now) - Australian renewables company Infigen Energy (ASX:IFN) today reported a 215% jump in its pre-tax profit for the fiscal year to June 30, 2019 to AUD 61.4 million (USD 41.6m/EUR 37.6m).
Revenues grew by 9% to AUD 229.3 million after renewable power generation went up by 20% to 1.78 TWh on capacity additions. About 79% of the company’s revenues in the fiscal year come from sales to commercial and industrial (C&I) customers, power purchase agreements (PPAs) and large-scale generation certificates (LGCs). In addition to these, Infigen also sells energy into spot electricity markets.
The table below contains more figures from the company’s annual report.
|Results in AUD million||FY 2018/19||FY 2017/18|
|Net finance costs||(45.9)||(78.8)|
|Income tax benefit (expense)||(20.5)||26.1|
Infigen has over 700 MW of wind power capacity. In fiscal 2018/19 it added to its portfolio a 5 MW/52 MWh battery storage facility at the Lake Bonney Wind Farms in South Australia, and it also acquired the 123-MW Smithfield Open Cycle Gas Turbine (OCGT) fast-start generator in Western Sydney. These firming assets support the company’s plan to sell more electricity under firm contracts into higher-priced markets.
In fiscal 2019/20, Infigen expects to sell 1.9 TWh of renewable energy after an increase in generation. More specifically, roughly 45% will go to C&I customers at about AUD 80/MWh, and 30% will be sold under PPAs at AUD 50/MWh. In addition, merchant revenues are seen to increase from fiscal 2018/19.
(AUD 1 = USD 0.68/EUR 0.61)