Wednesday 12 August, 2020

Wigton Windfarm encounters shipment delays under COVID

Wigton Windfarm Limited says it does not expect that the coronavirus (COVID-19) pandemic will significantly impact its operations, having already sold all its output to the Jamaica Public Service (JPS).

Wigton operates fixed-price contracts for all three power purchase agreements. All the energy generated from the wind farm is sold to JPS.

The company, however, indicated that shipment of parts needed for maintenance has been delayed.

The arrival of spare parts has been delayed due to the closure of supplies' facilities and ports in certain regions of the world amid the coronavirus pandemic, Wigton said in a statement via the Jamaica Stock Exchange.

The delay could cause the company to incur costs. Wigton, however, said it is unable to quantify this amount.

Nonetheless, Wigton expects that the normal maintenance schedules will begin once countries commence opening up for business.

The company has also advised that there will be a delay in the submission of its audited financial statements for the year ended March 31, 2020.

Wigton hopes to submit the financials on or before July 15.

Profit for the nine months ending December 2019 totalled $525 million, compared to $576 million earned in the comparative period for 2018.

Wigton, in its nine-month report, said it was planning to expand beyond wind generation to increase its revenue base and add value to shareholders.

The company's new business lines are likely to include project management, operations and maintenance management, innovative project financing, as well as enhanced training and development services.

The projects will be developed as additional service offerings over the medium to long-term.

In the area of wind energy, Wigton said it will be pursuing additional power supply to the local grid. It is also looking at new projects in the wider Caribbean region.

Wigton said its wind turbine availability of over 90 per cent provides it with a competitive edge.

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