Airtricity, the wind energy group said yesterday revenue increased significantly last year as the group added customers and generated more power. It supplies renewable electricity to more than 50,000 customers in Ireland.

Revenue for the 15 months to the end of March was €236 million, compared with €127 million in the 12 months to the end of December 2004, according to the annual report.

The net loss for the period was €10.7 million, while earnings before interest, tax, depreciation and amortisation was €18 million.

The group, which supplies customers on both sides of the Border, changed its reporting period to bring it into line with the rest of the electricity industry.

Chief executive Eddie O'Connor said he was very pleased with the group's performance and was confident that even more progress would be made in 2006.

Airtricity, which has windfarms throughout Ireland, attributed the increase in revenue to new customers and higher production capacity, while the decline in profit resulted from higher spending. The company spent €410 million on property, plant and equipment in the 15-month period and a further €35 million to secure turbines for its upcoming projects.

Mr O'Connor said he didn't see any let-up in spending in the future as the company seeks to expand its place in the renewable energy market.

It is currently working on nine projects, three of which are in the Republic and one in the North. It plans to grow its generating assets, which currently stand at 177 megawatts, to 620 megawatts by next March.

Airtricity, which is 51 per cent owned by NTR, earlier this month raised €250 million in a deal that saw the group take on a new shareholder, Ecofin.

Directors of Airtricity were yesterday in Brussels lobbying the European Parliament in an attempt to win support for its proposed €22 billion pan-European subsea electricity grid.