June 13 (Renewables Now) - German renewables developer ABO Wind AG on Wednesday downgraded its earnings outlook for 2019 due to certain delays in the approval process for its wind projects at home.
The company now expects its full-year profit to come at around EUR 10 million (USD 11.3m), while it previously forecast a net result higher than the 2018 figure of EUR 12.7 million.
ABO Wind’s managing director Jochen Ahn explained that the long permitting procedures in Germany are an industry-wide problem. They take between 700 and 800 days, according to the German Wind Energy Association, while that period was only 300 days three years earlier.
"These delays have a stronger impact on fiscal year 2019 than we had anticipated in our updated planning," Jochen Ahn said. He added, however, that those are just delays and ABO Wind will still be able to build most of the planned projects. Meanwhile, the German firm is working on its expansion on the Spanish market, hoping its commitment “will bear fruit in the coming years.”
ABO Wind confirmed its positive outlook for the years from 2020.
(EUR 1.0 = USD 1.130)