Windlab Reports a 49 Percent Increase in Cash Receipts

Windlab (ASX:WND), a wind energy company announced improvements in year-over-year revenues, as figures reached AU$1.8 million in its half year financial results. The company also reported a 49 percent increase in cash receipts from customers reaching AU$2.95 million, up from AU$1.95 million during the same time period last year.

As quoted in the press release:

Operations Update:

During the half WND achieved the following key outcomes:

• Successfully raised a US$10M(A$14m) investment for a 25% interest in Windlab East Africa (Pty) Ltd, the holding entity for WND’s East African portfolio, partnering with Eurus Energy Holdings Corporation of Japan.

• Refinanced, extended, expanded, and drew down a $10m senior debt facility with the CEFC.

• Appointment as asset manager of the Nevertire Solar Farm, bringing assets under management to over $1b.

• Re-tendered EPC contracts at Lakeland Wind Farm, with multiple viable responses received. Negotiations continue with a shortlist of suppliers, equity and debt providers. However, project financiers, particularly lenders, are now insisting on a project having an approved Generator Performance Standard, before financial close. Historically this was only required well after financial close, before commercial operations. Despite efforts to negotiate and compress the time taken by Ergon and AMEO to complete related tasks it now appears that financial close of Lakeland will be delayed until 2020, due to this new market dynamic.

Click here to read the full press release.