Oct 1, 2013 - UK-based Renewable Energy Holdings Plc (LON:REH) said on Monday it had booked a first-half net loss of GBP 849,000 (USD 1.4m/EUR 1m), narrowing from GBP 5.9 million a year earlier.
The company is focused on the development of wind farms in Poland and Wales, among which is the 81-MW Mynydd Y Gwynt project in Wales. It also holds a 6.8% stake in Australian wave energy technology firm Carnegie Wave Energy (ASX:CWE) as of June 2013. The firm explained that the result for the first half includes GBP 248,000 in finance costs.
Renewable Energy Holdings posted zero revenue for the first six months of 2013 as it has not yet completed any wind projects.
Operating loss for the period stood at GBP 473,000, compared to GBP 667,000 a year back. In January-June, the firm invested GBP 2 million in its Wales wind projects, up from GBP 1.6 million. It noted that the planning process for the 81-MW project is to be wrapped up within the following 18 months. Renewable Energy Holdings is currently seeking a buyer for its Polish wind scheme -- Kobylany.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.