ABO Wind affirms 2022 outlook on strong H1

German renewables developer ABO Wind AG (ETR:AB9) on Wednesday reiterated its guidance for 2022 on the back of a solid increase in both net profit and revenue in the first half of the year.

"We are sticking to our forecast and continue to expect a consolidated profit for 2022 as a whole at least at the level of the previous year," said managing director Karsten Schlageter.

In 2021, the company's net profit stood at EUR 13.8 million.

The management board of the company does not expect earnings in the second half of the year to continue growing at the high rate registered in the first six months.

Between January and June, ABO Wind saw its net profit rise to EUR 9.6 million (USD 9.63m) from EUR 6.5 million a year earlier, while revenues grew to EUR 97.96 million from EUR 61.73 million.

Total output from revenues and changes in inventories surged nearly 52% year-on-year to EUR 127.3 million.

The Wiesbaden-based company said it has a development portfolio of wind, solar and battery storage projects of over 20 GW worldwide.

Apart from this portfolio, Abo Wind is working on 15 GW of renewable energy projects, mainly gigawatt-scale wind farms, which will generate power for the production of green hydrogen. Three of these large projects with a combined capacity of 11 GW are located in Canada in places without a power grid but with access to seaports. The company noted that it is seeking partners to join these large projects to help with their implementation.

(EUR 1 = USD 1.003)

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