Australia’s largest specialist renewable energy group, Pacific Hydro, has delivered earnings (before interest and tax) of $A122.2 million in the 2012-2013 financial year, up from $112 million in the ’11-’12 FY. In its second Annual Review and Sustainability Report, released on Thursday, the Melbourne-based company said its sales revenue for the reporting period had climbed by 14 per cent on the previous year, to $A224 million – an increase it attributes mainly to higher spot prices in Chile and Australia, and higher generation in Chile.
Although based in Australia, it is interesting to note that the privately owned company – with 18 operating hydro, wind, solar and geothermal power projects worldwide – now generates more than half of its revenue in Brazil and Chile, having conducted business in the latter South American country for 10 years now. Less than half of Pacific Hydro’s revenue comes from Australia, thanks largely to the variable policy position over the past decade.
Last year, we reported that the company struck a unique joint venture agreement with Brazilian mining giant Vale to jointly build two wind farms in the north-east of Brazil at a cost of around $315 million – around half the cost of Australian wind. The contract represented a significant win, extending PacHydro’s growing overseas portfolio and putting it in partnership with the world’s second largest mining group.
On a local note, however, the company counted expanding its existing Australian business to include electricity retail as one of its major milestones of the 2012-13 reporting period. It also said it would continue to focus on collaborating with Australian communities, expanding its retail strategy, and on progress with projects including the Moree Solar Farm in NSW. “This supports our vision to create economic, social and environmental value by being our customers’ preferred clean energy solutions provider,” the report said.
‘Cool’ Dyesol to get another Saudi cash boost
Saudi Arabian industrial giant, Tasnee – aka The National Industrialization Company of Saudi Arabia – has confirmed plans to invest up to $16 million to Australia’s Dyesol, having already invested $4 million in the ASX-listed company in February.
Tasnee will make its strategic investment in two tranches: The first, of $10 million, , effective immediately; the second of $6 million. Both are likely to be convertible into Dyesol shares at 18 cents per share. And both will be subject to shareholder approval.
The news follows the naming of Dyesol as the ‘Coolest Company in Australia’ at the Australian Anthill Cool Company Awards, the second largest business awards in Australia. The dye solar cell manufacturer beat 100 finalists to the top spot, as well as winning the Innovation Award.
In other news…
World Bank unit, the International Finance Corp., has led a group of lenders providing $221 million for a wind farm in Jordan. Bloomberg reports that the 117MW project will be built by Jordan Wind Project Co. in Tafila in the country’s southwest. The Washington-based investor provided $69 million of the total, while the European Investment Bank and Eksport Kredit Fonden also contributed. The wind farm will help Jordan reach its ambitious renewable energy target of 10 per cent by 2020, up from around 1 per cent now.
A community funded grant has allowed a disability services centre to install two high-quality solar PV systems. Tulgeen Disabilty Services at Spindler St in Bega, NSW, has received the state-of-the-art equipment thanks to a loan from CORENA, Citizens Own Renewable Energy Network Australia Inc. The company was given an interest-free loan of $12,000, funded entirely by citizen donations, as well as contributing $6,000 of their own capital towards the $18,000 project. The whole project is expected to return around $909 in savings per quarter. The Tulgeen cheese packaging facility, which employs people with a disability, will have a 4kW system installed to supply 58% of its electricity usage, and 21% of the usage at the Training and Education Services day programs centre will be supplied by a 3kW system.