Pires Investments eyes new renewable energy projects

30th Jul 2014 15:58

Renewable energy project financier Pires Investments revealed it is eyeing new projects in the sector as it moved into the black at the half-year.Pires, which invested £465,000 in AIM-listed Rame Energy earlier this year, said it had seen a number of interesting international opportunities in renewables and had set up a subsidiary to focus on it.Chairman Peter Redmond said: "We have a number of significant transactions under review and have entered into a partnership arrangement with a significant European wind consultancy/developer in relation to one of them."Rame, which listed in March, has done a deal with Spanish bank Santander to finance wind farms and bought UK-based solar engineer Beco Solar. It has also begun building an initial 15 megawatt wind farm project in Chile.Pires also said it would approach shareholders in the near future to propose a re-focusing of its investment policy and it expected extra appointments to strengthen the company's experience and profile.It posted a pre-tax profit of £22,500 for the six months to April 30 against a loss of about £195,000 a year ago.Shares in Pires rose 0.01p or 21% to 0.06p at 16:06 in London.PW