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Wigton Windfarm in Manchester, Jamaica, is one the country's premier renewable energy investment. (File photo)

Wigton to offer project management and construction

Wigton Windfarm in Manchester, Jamaica, is one the country's premier renewable energy investment. (File photo)

With an improvement of J$1.1 billion in cash and deposits at year end 2019, the management of Wigton Wind Farm Limited (WWFL) says the company is poised to expand services offered.

Wigton has $1.1 billion in cash and assets at the end of 2019.

Total cash and cash equivalents at year end December was J$2.27 billion.

The energy company which was divested by the Government of Jamaica in August 2019, says key objective will be to expand beyond wind generation in order to increase its revenue base and add value to shareholders.

“In order to drive growth and expansion, the company is broadening the scope of its commercial propositions to include energy facility development and construction,” directors stated in the company’s nine-month report which was released this week.

Wigton’s revenues declined by $277 million in the December quarter.

It will also pursue other new business lines including project management, operations and maintenance management, plus innovative project financing,’ as well as enhanced training and development services.

The projects, directors said, will be developed as additional service offerings over the medium to long term.

In the area of wind energy, WWFL says it will also be pursuing additional power supply to the local grid.

It is, additionally, looking at new projects in the wider Caribbean region.

The company notes that its wind turbine availability of over 90 per cent will facilitate the expansion of wind energy services planned. 

Revenues for Wigton fell by $277 million in the December quarter, but management explained that they used the opportunity of lower wind speeds to pursue maintenance projects during the quarter. 

The listing of Wigton Windfarm on the Jamaica Stock Exchange.

The benefits from the projects are expected to be seen in coming quarters, directors stated.

The company made a loss of $15.8 million during the third quarter, this compared to profit of $270 million in the similar quarter in 2018.

Profit for the nine month period totalled $525 million, compared to $576 million earned in the similar period for 2018.

“In order to drive growth and expansion, the company is broadening the scope of its commercial propositions to include energy facility development and construction.”

– Wigton Windfarm

Revenue for the nine months to December 2019, for the company  was $2.1 billion.

For the quarter, revenue slid to $478 million, $277 million less than the comparable quarter in 2018.

Production during the quarter, management explained, was reduced by 25 per cent in order to facilitate maintenance projects.