Renewable Energy Profits in 2009

8 March 2010 (Last Updated March 8th, 2010 18:30)

British wind-farm developer Renewable Energy Holdings has recorded a full-year profit, helped by the sale of its CETO wave energy technology. The company, which made a profit before tax of £11.2m compared with a £2.1m loss posted in the previous year, said it is confident about the f

British wind-farm developer Renewable Energy Holdings has recorded a full-year profit, helped by the sale of its CETO wave energy technology.

The company, which made a profit before tax of £11.2m compared with a £2.1m loss posted in the previous year, said it is confident about the future despite tough economic conditions.

Renewable Energy Holdings makes over half of its revenue from Germany, where operations suffered due to lower wind speeds.

The firm bought Polish firm Gamar GHL to build a 30MW wind farm in south-eastern Poland for about £1.8m in 2009 and seeks to expand further both there and in Wales.