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Energy Ventures makes EUR 12 mln with wind generators in 2012

Estonian news - eteap August 23, 2013

Baltic News Service, 23.08.2013

Net profit of Energy Ventures, a company belonging to founder of Starman Indrek Kuivallik, was 12.2 million euros last year.

Sales revenue from the financial year was 34 million euros which all came from Latvia, the company’s annual report shows. In 2011 the company didn’t produce sales revenue.

The company founded in 2010 concluded wind turbine purchase and sale contracts with respectively two suppliers and eight clients in 2011. In 2012 first deals were finalized and the company sold 10 wind turbines in the course of the financial year to wind farms situated in Latvia.

By the end of the year the company had received upfront payments in the amount of 12 million euros. In 2014 three wind turbines are being supplied.

In 2012 the balance sheet total of the company was 24.7 million euros while in 2011 it was 46.3 million euros. In 2012 the company didn’t have any salaried employees.


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