Infinis' power generation increases by 14 GWh in fiscal Q1

UK renewable energy producer Infinis Energy Plc (LON:INFI) generated about 586 GWh of power in its first fiscal quarter to the end of June, up by 14 GWh compared to a year earlier.

The company said on Thursday it had a "strong" quarter and maintained its expectations for the full year. It, however, expects that the planned removal of the Climate Change Levy (CCL) exemption for renewables will cut its earnings before interest, tax, depreciation and amortisation (EBITDA) by GBP 7.5 million (USD 11.7m/EUR 10.5m) in the current financial year and by GBP 10 million to GBP 11 million in the following year.

In the three months through June, output at the company's landfill gas business fell 6% year-on-year to 435 GWh, due to the natural decline in landfill gas, drier weather and planned grid outages at two sites. The onshore wind business exported 152 GWh, a rise of 46%.

Infinis said it was on target to deliver 135 MW of new onshore wind capacity by end-March 2017 and was confident that its A'Chruach, Galawhistle, Sisters and North Steads projects meet the grace period criteria for the Renewables Obligation (RO) support scheme.

The company also reported results for its landfill gas subsidiary, where revenues declined slightly to GBP 42.1 million from GBP 42.6 million in the year-ago quarter.

(GBP 1.0 = USD 1.560/EUR 1.405)

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