Wigton Windfarm Limited (WIG) is undergoing immense changes within the company as it looks to expand into other markets that might prove to be lucrative for the company.
Wigton Windfarm Limited started as a company that focuses primarily on wind energy, overtime as core infrastructure such as wind turbines started to erode and other factors affected their overall revenue, the company is finding it a bit difficult to grow within that core market.
Hence, expanding into other markets within the alternative energy sector seems to be the rational thing to do.
As of now, Wigton has acquired a 21 percent stake in electric vehicle dealership Flash Motors. Additionally, they have entered a joint venture with another foreign entity to collaborate on alternative energy projects.
The organization is expected to post incomes of around 14% less year-on-year. It earned just a little over $2 billion for the year finished March 2022. That was 21% less than the $2.59 billion for 2021.
“The fall in revenue was due largely to a lower wind regime during the year which affected production/sales, along with the lower contractual rate now being received in respect of Wigton Phase II and which came into effect during the financial year,” Wigton’s Managing Director Earlington Barrett told the Financial Gleaner, in response to questions about the just-released annual report.
Hopefully, they will be able to execute on their vision for the future as it’s obvious that key economies are the world are investing in the energy market. Let’s see how this overall plan materializes in the next couple of years.
