Wind farms are awful. They don’t do so well if there isn’t any wind either:
NZ Windfarms, which operates Te Rere Hau windfarm in the Tararua Ranges, has posted a wider full-year loss after reporting power generation was 25 percent below budget.
The net loss was $24.6 million in the 12 months ended June 30, from a loss of $3.38m a year earlier. The loss in the latest year included an impairment of assets of $30.7m.
Sales rose to $9.76m from about $4.1m.
Earnings before interest, tax, depreciation, amortisation and the impairment were about $2.6m from a loss of $410,000 on the same basis in the previous year.
While NZ Windfarms had “a very poor wind year” total electricity generated rose 37 percent to 114,498 Megawatts and electricity revenue jumped 156 percent to $8.25m, reflecting the first full year that all its 97 turbines were operating.