Renewables specialist Res says it has helped owners of energy-generating assets in the UK add more than £21 million to forecast revenue over the past two and a half years.
The group, which says it is the world’s largest independent renewable energy company and has its operations and maintenance HQ in Glasgow, said its value improvement plan (VIP) helped clients boost income estimates by an extra £2.1m per quarter between the start of 2017 and the end of June this year.
Its figures include 33 wind or solar assets based in the UK, with the company now planning to introduce its VIP programme to asset-owners across the globe.
RES, which is active in onshore and offshore wind, solar, energy storage and transmission and distribution, believes the programme could unlock “tens of millions of pounds” in extra revenue across its managed renewables network.
Aviva Investors, part of the Aviva Group, is among the businesses to have benefited from the VIP service.
RES worked extensively with a distribution network operator regarding a grid connection agreement, unlocking an additional £4m over the asset lifetime for Aviva by increasing the export availability of one of its wind farms.
'Hints' of its full potential
Darren Cook, head of asset management at RES, said the revenue boost “just hints at the full potential” of VIP. “Our experience means we look at options other asset managers simply might not. In energy, margins are everything and we know the importance of unlocking that extra value with assets of any size.”
Freddy Murray, associate director from Aviva Investors, said: “The benefits of RES’ VIP programme are multi-layered; for asset owners, it makes renewables a more appealing and rewarding investment, which in turn benefits consumers as we continue to transition towards a cleaner energy future.”
Cook added: “Wind and solar power are fantastic ways to produce clean energy and both technologies are still rapidly evolving.”
RES, which started out as a small wind turbine engineering team within Sir Robert McAlpine in 1981, employs more than 2,000 people and is active in ten countries.