Windfarm developer OnPath Energy has revealed huge rises in turnover and profits despite lower wind speeds and power prices.
The Wearside-based firm, which was previously Banks Renewables and was acquired in a multimillion pound deal two years ago by Brookfield Asset Management, saw turnover climb to £95.6m in the extended 15-month period to the end of 2024, up from £50.2m in the 12 months to the end of September 2023. Operating profits over the same period grew to £69.4m, from £20.7m.
The results published to Companies House include earnings from the sale of OnPath's shares in the 67MW Kype Muir Extension Wind Farm in Scotland, which it built, to Schroders Greencoat LLP. Earlier this year the firm announced its ambition to invest about £1bn in º£½ÇÊÓƵ clean energy projects over the next five years.
OnPath has been spurred by the Labour Government's opening up of onshore wind developments in England, and is now looking at sites across England, as well as projects in Scotland and Wales. The group now has overall generation capacity of 252MW, and a further 550MW of consented wind, solar and battery storage projects and a 3GW overall development pipeline.
Simon Fisher, chief financial officer at OnPath Energy, said: "We have delivered a very encouraging set of results despite º£½ÇÊÓƵ power prices being lower than the previous period and are well set to build on them in the coming years. We are making significant investments in high quality renewable energy infrastructure as we grow in terms of our diversity of projects and technologies, as well as geographically, and have a clear strategy in place for how we will achieve our growth ambitions.
"We are continuing to develop our portfolio of wind farm assets and other technologies, thereby creating sustainable profits in future years, while also seeking value from the recycling of capital as market opportunities arise to optimise that portfolio."
More than 30 new jobs have been created within the core OnPath Energy team over the last 18 months, with more expected to follow through this year, including its first intake of graduate trainees. Accounts show office and management staff totalled 67 last year.
Earlier this year, following the accounting period, OnPath acquired Pates Hill Wind Farm in West Lothian and Milton Keynes Wind Farm in Buckinghamshire - taking its portfolio of operational onshore sites in England and Scotland to 12. Work has also started on the six-turbine Mill Rig Wind Farm in South Lanarkshire as well as solar projects near Leeds and Sheffield.
Richard Dunkley, CEO at OnPath Energy, added: “Having the world’s largest dedicated transition investor as an owner presents a wide range of new opportunities around access to capital, global procurement relationships and PPA markets which will be central to our future development. The changing policy landscape and the government’s commitment to making Britain a clean energy superpower opens the way for us to contribute significantly to meeting its ambition of doubling onshore wind and tripling solar power by 2030.
"We welcome the Government’s recent announcement to reform the national electricity market rather than move to a zonal system, which is good news for British consumers and gives us the best chance of delivering Clean Power 2030 by supporting investment in low-cost renewable electricity.
"New onshore wind farms will help to create jobs, improve security of energy supply and help reduce consumer electricity bills, while they will also deliver significant, tangible benefits to the communities in which they’re based, as our existing onshore wind farms have been consistently doing for many years."
OnPath also awarded more than £2.1m in grants from the community funds linked to each of its onshore wind farms, which provide financial support for projects *in surrounding communities.
