Germany

Germany

Offshore wind drives EnBW earnings in Q1

Developer EnBW's renewable energy business segment recorded Ebitda of €118.6 million in the first quarter of 2019, an increase of 24.3% year on year.

EnBW is currently building the Hohe See and Albatross offshore wind projects off Germany's North Sea coast
EnBW is currently building the Hohe See and Albatross offshore wind projects off Germany's North Sea coast

The growth in earnings was attributed to "good wind conditions… with an improvement in offshore wind yields".

EnBW CFO Thomas Kusterer said the group expects Ebitda to grow by 9-16% for the full year, due in part to the firm’s offshore wind activities.

"In renewable energies… we expect substantially higher earnings in 2019 than in the previous year, not least as we gradually bring our Hohe See and Albatros offshore wind farms into operation this autumn," Kusterer said.

Net profit for the whole of EnBW increased from €137.5 million in Q1 2018 to €273.8 million in 2019.

At the company’s AGM, prior to the publication of the Q1 results, CEO Frank Mastiaux said EnBW was looking to expand internationally in the renewables and mobility segments.

"To be successful looking ahead to 2025, we need three things: financial clout, a modern organisational lineup and an enthusiastic, highly capable workforce. We therefore have an intensive, high-investment phase ahead of us," Mastiaux said.

Renewables would remain a "strategic priority for EnBW", the company added.

It recently acquired a portfolio of onshore wind projects in Sweden and French developer Valeco. The German group is also looking to expand into solar.

Have you registered with us yet?

Register now to enjoy more articles
and free email bulletins.

Sign up now
Already registered?
Sign in

Latest Offshore Wind Jobs