The two wind farms Gaia Infrastructure has invested in generated less revenue and profit than the interest it earned on the cash it raised on the JSE three years ago. Gaia raised R551m at its initial public offering (IPO) in November 2015 under the JSE’s special purpose acquisition company (spac) rules. It proceeded to acquire 25% of Dorper wind farm in the Eastern Cape for R513m and 20% of Noblesfontein wind farm in the Northern Cape for R188m. Gaia’s interim results for the six months to end-August released at 5.30pm on Tuesday showed revenue fell 42% to R13m. In the six months to end-August 2017, it earned R2.6m in interest, which fell to R783,747 in the reporting period. Other income rose to R13,680 from zero. Net profit of R3.7m was about a quarter of the matching period’s R13.7m, but Gaia has nevertheless maintained its interim dividend at 24.84c. According to Tuesday’s results, both wind farms are performing well. “Net production of electricity and therefore revenue at Dorper...
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