Canadian Company Sell a Loss Making Wind Farm for a Profit to State Backed Investors

A wind farm sold for a profit in the region of €7 million last year made a net loss of € 4 million in the latest accounts filed with the companies office for 2016.

The wind farm, Knockacummer, in Cork, has a capacity of 87.5MW, was commissioned in 2013 and has thirty five 2.5MW turbines. It was sold by Canadian company Brookfield Renewables.

It paid interest of € 12m (at 7.5%) in 2016, which was 54% of it's turnover. The interest was higher than it's operating profit which turned the profit into a net loss. It also made a net loss in 2015. 

At 31st December 2016, it was carrying Accumulated Losses of € 5.7m.

It's outstanding loans stood at €145m at end of 2016. €3.8m of which was written off by Brookfield during the year. The company was financed by loans from Brookfield, which in turn was financed by external loans. 

The buyer was Greencoat Renewables. Last year, the Irish State, through ISIF and AIB, acquired a 33% stake in the company. Which could potentially rise to 49%. 

Greencoat also bought another loss making wind farm, Lisdowney, last month. 

One has to question as to why the Irish State is helping to purchase loss making wind farms. Are we looking at another NAMA in the making ?

Government sell Aer Lingus stake to fund energy infrastructure not needed

Irish Government in giant waste of taxpayer's money shocker 

I have a total irreverence for anything connected with society except that which makes the roads safer, the beer stronger, the food cheaper and the old men and old women warmer in the winter and happier in the summer - Brendan Behan, Irish writer

In the Government's recent Capital Investment Plan 2016 - 2021, it is stated that the funding for energy infrastructure such as the North South Interconnector will come from the sale of the State's share in airliner, Aer Lingus :

In May of this year, Government decided to accept the offer for its remaining shareholding of AerLingus. Dáil Éireann approved the sale in July and proceeds from the sale are being used toestablish a new ‘Connectivity Fund’. The Fund is being established as a sub-portfolio of the IrelandStrategic Investment Fund (see above), and it will operate on a commercial basis, providingsupport for commercial investment projects with a connectivity theme, such as the developmentof ports and airports. It will also be open to providing support for projects that involve a widerdefinition of connectivity, including, for example, data connectivity (broadband, fibre optic cables,interconnectors, etc.) and energy connectivity(energy inter-connectors and other energy relatedprojects). These wider connectivity requirements are becoming increasingly important elements ofour core infrastructure. 

They correctly state that we have sufficient generation capacity but due to the Green cancer now widespread in Europe, we need to build more :

 Whilst overall generation capacity is sufficient for the economy into the medium term,the requirement to meet targets in the renewable energy area is driving demand for additional renewable energy capacity, especially wind, tomeet our 40 percent renewable electricity target.

Nearly six billion euros will be ringfenced to fund this infrastructure that is superfluous to Ireland's requirements. This could pay for Irish Water till 2021, with a couple of billion euros to spare to rehouse every single Irish disabled person who lives in run down accommodation seven times (HSE seeks €250m funding for disability homes).  But the Green Cancer Blob must be fed at all costs, even if that means giving up the State's longheld share in Aer Lingus. 

 There will be around €5¾ billion investedduring the course of the Capital Plan in energytransmission and distribution networks, renewable and conventional power generation, and smartmetering by ESB, Ervia (formerly Bord GáisÉireann), Bord na Móna, and EirGrid. The keyprojects to be delivered between now and 2021include: • North-South Transmission Line – to add asecond electricity interconnector betweenIreland and Northern Ireland • Smart Metering – to upgrade energy metersto allow consumers to monitor their energyuse • Grid Link and Grid West – to increase thegrid capacity and secure electricity supply tothe south and east of Ireland and the west ofIreland, respectively. 
 

Smart Meters will change consumer's habits with the end game being to eradicate daily peak electricity demand between 5pm and 8pm. Ireland inequality ? - you ain't seen anything yet. It will be so expensive to use electricity during these times that the poor will simple stop using it.  Instead, they will increasingly turn to take-aways to feed their families, increasing Ireland's already high levels of obesity.   Or, they will simply do without, increasing Ireland's child poverty rankings. It won't be the first nor indeed the last time that kids will be abused by the Irish State.

There have been plenty of protests against the set up of Irish Water but hardly any protest against this far more costly and needless plan. Unfortunately, socialists such as Clare Daly and Ruth Coppinger (who normally rail against inequality) seem to be in support of the Green Cancer , leaving very little political opposition to this.