EnBW reported an operating result of EUR 204.9 million in the Renewable Energies division in the first half of 2019, a 24.3% rise on the previous year.
According to EnBW, the increase in adjusted EBITDA is mainly due to the overall improvement in wind conditions at offshore and onshore wind farms in Germany.
A further increase is expected as the Hohe See and Albatros offshore wind projects go into operation in the second half of the year and with the earnings contribution from the Valeco Group.
“We have once again been able to increase our earnings and we see a good probability of already attaining our 2020 target of 2.4 billion euros this year,” said EnBW CFO Thomas Kusterer .
“Most of all in Renewable Energies, we expect substantially higher earnings in 2019 than in the previous year, among other things due to our Hohe See and Albatros offshore wind farms coming into operation this autumn.”
In the renewables division, EnBW reported an investment of EUR 1.53 billion, which is significantly higher than EUR 574 million in the first six months of 2018, again impacted by investment in the Hohe See and Albatros projects.
Overall, the company generated a revenue of circa EUR 11.53 billion and an adjusted EBITDA of some EUR 1.28 billion, which represents an 11.8% rise year-on-year, significantly caused by good performance in the renewables division.
Hohe See and Albatros will together comprise 87 Siemens Gamesa 7MW turbines which are scheduled to be fully operational by the end of the year. The Hohe See offshore wind farm delivered first power in mid-July.