Courier Mail
2 March 2011, Page: 47
A QUEENSLAND solar power company has secured contracts to build solar farms worth $185 million in Italy, including projects that will dwarf any solar farm currently operating in Australia. Eco Kinetics, which is based at Stapylton, south of Brisbane, has signed a heads of agreement for two contracts to build a combined 40 MWs of installed electricity capacity, including one 20 MW project and one 10 MW facility. The solar farms will be owned and operated by investment companies from Europe, the US and South East Asia.
Currently, Australia's largest solar power station is a 4 MW facility at Liddell in New South Wales. Eco Kinetics, which was acquired in January last year by Sydney based renewable energy company CBD Energy, provides engineering design, supply and installation services for wind and solar power facilities.
CBD Energy yesterday said construction was scheduled to start in May. CBD Energy also yesterday reported its financial results for the six months to December 31, which showed how Queensland based Eco Kinetics powered a swing back to profitability for its parent company.
Eco Kinetics' total revenue for the six months was $60.4 million, with a pretax profit of $7.1 million. Parent CBD Energy's consolidated revenue was $74 million, up from $5.9 million a year earlier, and its net profit was $2.37 million, up from a year ago loss of $3.49 million. CBD Energy, whose chairman is former deputy prime minister and National Party leader Mark Vaile, said it continues to experience significant growth, mainly driven by increasing householder demand for solar rooftop installations.
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