October 21, 2020
Wigton Windfarm holds the record for being the largest wind farm in the English speaking Caribbean. The Company’s facilities generate 62.7 megawatts of electricity, which is supplied to the public electricity grid.
The core values of the Company as per Managing Director, Earl Barret are;
- Delivering Results
- Industry Leadership
- Building Local Capacity
- Preserving the Environment
- Supporting our Communities
Mr. Barrett further elaborated that the Company, “has consistently met or surpass its business targets and maintain industry leadership with over 16 years of experience in renewable energy. The operation of the Company enjoys wide-scale recognition as an industry leader across the nation.” Additionally, the Company’s efforts also contribute to preserving the environment as “the energy that is generated from the wind farm avoids the importation of over 120,000 barrels of oil, saving the country valuable foreign exchange. Additionally, we also avoid natural emission from fossil fuels, which is equivalent to 100,000 tons of carbon dioxide.”
Touching on the Company’s performance, Mr. Barrett noted, “despite the challenging time, we ended the year with a net profit of $662.75 million.” The performance was 34% above the prior year’s outturn of $493.59 million. The asset base for the year ended May 2020 reflected a 10% increase year over year to $10.60 billion (2019: $9.65 billion), while shareholders equity improved 24% to $3.46 billion (2019: $2.79 billion)
Mr. Barrett explained that there are two main factors affecting production, wind speed, and plant availability. Currently, the average availability rate is 94.6% (2019: 93.9%), which produced an output of 157.37 million kWh of electricity that was exported to the grid and generated a revenue of $2.42 billion (2019: $2.45 billion). As it relates to wind speed, Mr. Barrett noted, that is something the Company has very little control over as it depends on the climatic variation. As a result, he pointed out that the Company has a rigorous maintenance regime, “we are in an industry that, once the wind has passed, we can’t get it back tomorrow, so we need to catch it in the moment.”
Over the last 12 months, the Company explored potential projects in local and regional markets, but the onset of Covid-19 placed investments on hold. Consequently, The Managing Director earmarked the following for Wigton’s future:
- The future lies in diversification and regional expansion
- Exploring potential projects in the local and regional markets
- Preparing for aggressive implementation post-Covid-19
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