Group production for wind farm operator Tilt Renewables Ltd (NZX & ASX: TLT) in the March quarter was 7% below the corresponding quarter the previous year.
However, the Australian operations was higher, the lack of wind power came from the New Zealand assets.
The company said that constraints put in place by the Australian Energy Market Operator (AEMO) on all South Australian non-synchronous generation - including all the company’s Snowtown wind farms - resulted in a relatively minor loss of production in the quarter.
Over the quarter New Zealand wind speeds were significantly below long-term expectations with FY18 production finishing below P90 confidence levels.
“The poor year-on-year comparison reflects these weather conditions plus the above average wind conditions in NZ in FY2017. Wind turbine availability for the overall portfolio for the Mar-18 quarter was 97% and 98% for the full year.”
In a presentation at this week’s Infratil Investor Day, Tilt said that in Australia and NZ it has 582 MW of operating capacity and 54 MW under construction.
The presentation said the company was projecting a half year EBITDAF of $A49.3 million.
The company has completed its first full year since the demerger from Trustpower and had reached a financial close on the Salt Creek wind farm project in Victoria.
Tilt told the investor day that it had a solid balance sheet with strong cashflow being generated from operating assets. The company had undertaken “prudent gearing.”
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