PROFITS AT green energy operator SWS Natural Resources grew by more than 60 per cent last year to €10.8 million, its latest figures show, writes Barry O'Halloran

The company has also increased its overall portfolio of operating businesses and development projects by 80 per cent over the past 12 months.

Its six operating wind farms have the capacity to generate 107 mega-watts (MW) of electricity, enough to power around 30,000 homes. It had sales in 2007 of €34 million, twice the level it recorded in 2006.

Profits before tax reached €10.8 million in 2007, 62 per cent up on the pretax surplus of €6.7 million it earned in 2006.

In 2007, SWS Natural Resources was spun out of Oak Tree Acquisitions, the vehicle used the previous year by Ion Equity to buy the Cork-based energy and business services group SWS.

The move paved the way for a €104 million fundraising round, which SWS Natural Resources plans to use for further development of its businesses.

The company raised €72 million in equity and €32 million in debt, with a target investment term of four years.

Between operating wind farms, those under construction and those in various stages of development, the company has 600 MW of generating assets. It has projects with a capacity to produce 82MW under construction.

By 2012, the company hopes to have wind farms with a total capacity of 525 MW up and running, leaving it with around 75 MW of its current portfolio still in development.

The energy regulator recently announced it is launching a new licensing round for alternative power projects, which will ultimately give permits to projects with a total capacity of 3,900 MW, on a first-come, first-served basis. As a result, a number of projects backed by energy players such as SWS, Arterialised and Finavera could lose out, depending on the take-up of licences.