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Wind farm in southern France. Author: harmishhk. License: Creative Commons, Attribution-ShareAlike 2.0 Generic
French wind power company Theolia SA (EPA:TEO) on Wednesday reported a reduced net loss of EUR 27 million (USD 29m) for 2014 and said it plans to focus on doubling its installed capacity in France and Morocco.
The bottom line result compares to a loss of EUR 42 million a year back. Earnings before interest, tax, depreciation and amortisation (EBITDA) for the past year grew by 3.9% to EUR 53.5 million and revenues rose by 5.4% to EUR 101.2 million.
Having completed its financial restructuring, Theolia’s balance sheet is now healthier and will allow it to speed up project development, chief executive Fady Khallouf said. The company will commission this summer a 21-MW wind farm in France. By the end of the year it will also commence construction of three new wind farms at home with a total capacity of 52 MW. In Morocco, Theolia is working to complete the selection of manufacturers for the 100-MW phase I of a joint 300-MW project with the Moroccan Office National de l’Electricite et de l’Eau potable (ONEE).
As at the end of 2014, Theolia controlled 638 MW of wind power capacity in Germany, France, Morocco and Italy, including 337 MW held by German unit Breeze Two Energy.
