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Leaf Clean Energy swings to profit following successful lawsuit
16th Dec 2019 12:11
(Sharecast News) - Leaf Clean Energy swung to an annual profit and reported a surge in its net asset value on Monday, following the receipt of damages from Invenergy.
The renewable energy investor booked a profit before tax of $86.9m for the 12 months ended 30 June, compared with a loss of $54.5m the year before, as its gross portfolio returns jumped from a loss of $49.0m to a gain of $99.8m.
Net asset value per share leapt from 36.80 cents to 182.00 cents, which the AIM traded company attributed to damages it collected from Invenergy following the Court's final order in a lawsuit between the two parties.
The dispute stemmed from Leaf's claim that Invenergy had breached the terms of an agreement by failing to obtain its consent before proceeding with the sale of 832 megawatts of its wind power generation facilities to TerraForm Power for approximately $2.0bn.
Leaf said: "Leaf's management and board are very gratified to see justice finally done in relation to Invenergy's December 2015 breach of the operating agreement, and to be able, finally, to fully realize the value of the Invenergy investment for Leaf's shareholders."
The company added that it expected to achieve the realisation of its remaining assets in the first half of 2020.
Leaf Clean Energy shares were down by 7.94% at 145.00p at 1244 GMT.
The renewable energy investor booked a profit before tax of $86.9m for the 12 months ended 30 June, compared with a loss of $54.5m the year before, as its gross portfolio returns jumped from a loss of $49.0m to a gain of $99.8m.
Net asset value per share leapt from 36.80 cents to 182.00 cents, which the AIM traded company attributed to damages it collected from Invenergy following the Court's final order in a lawsuit between the two parties.
The dispute stemmed from Leaf's claim that Invenergy had breached the terms of an agreement by failing to obtain its consent before proceeding with the sale of 832 megawatts of its wind power generation facilities to TerraForm Power for approximately $2.0bn.
Leaf said: "Leaf's management and board are very gratified to see justice finally done in relation to Invenergy's December 2015 breach of the operating agreement, and to be able, finally, to fully realize the value of the Invenergy investment for Leaf's shareholders."
The company added that it expected to achieve the realisation of its remaining assets in the first half of 2020.
Leaf Clean Energy shares were down by 7.94% at 145.00p at 1244 GMT.