Novera Energy Limited (Novera) has declared its preliminary full-year 2008 revenues. It has reported expected revenues of GBP35.5 million for the full year 2008, up 3%, compared with the revenues of GBP34.4 million in the previous year.
Novera expects that generation in 2008 was 554GWh compared to 564GWh in 2007, a decrease of 2%. Trading and operational performance have been broadly in line with the company’s expectations.
Construction of the company’s second wind farm, the twelve-turbine Lissett Airfield wind farm (30MW), is nearing completion and first production is expected within the next few weeks.
During the year, Novera was granted planning consents for two further wind farms, taking the total consented wind capacity to 107-118MW, depending on turbine selection. The consented sites are 40- 46MW A’Chruach wind farm (Argyll and Bute, Scotland) and 22-27MW Glenkerie wind farm (Scottish borders).
In addition, the company ended the year with eight sites in planning, with a total potential capacity of about 80MW, for which decisions are expected during 2009. Novera has 13 sites in pre-planning with a total potential capacity of about 250MW and a number of additional, less-advanced sites (appraisal stage) under evaluation with a total potential capacity in excess of 300MW.
At December 31, 2008 the company’s cash balance was GBP20.4 million (unaudited) of which GBP6.1 million was in restricted bank accounts. The company has two non-recourse long term (14 and 15 years) finance facilities in place; one for existing operations of GBP83.3 million (unaudited), and one for the Lissett Airfield wind farm, which will be about GBP29.5 million on project completion. No refinancing obligation is attached to either facility.
Commenting on the year, David Fitzsimmons, chief executive officer, stated: “The planning consents granted for A’Chruach and Glenkerie along with the soon to be completed Lissett Airfield Wind Farm demonstrate the value we are creating through our wind development programme. The growth in revenue from our existing operations reflects the increase in the price received for our production through our long-term contracts. Novera is financially well-placed and we are confident in the availability of finance for future projects. I am looking forward to the first production from Lissett and to further progress in the development of our wind portfolio.”