October 7 (Renewables Now) - German renewables developer ABO Wind AG last week booked a 5.5% year-on-year drop in first-half net profit and said the result is in line with its forecast.
The company closed the first six months of the year with a net profit of EUR 5.2 million (USD 5.7m), down from EUR 5.5 million a year back, while its revenues climbed to EUR 56.6 million from EUR 56.4 million.
“In light of the wind energy crisis in Germany, that would be a very respectable result,” said managing director Andreas Hollinger, pointing at policy challenges in the renewables segment and onshore wind in particular. According to him, ABO Wind is ready to implement significantly more projects at home, assuming that general regulatory conditions change.
The German firm reiterated its guidance for a profit of around EUR 10 million in 2019. This forecast was made in June to reflect certain delays in the approval process for wind projects in Germany, while ABO Wind’s earlier projections were for a result of over EUR 12.7 million.
ABO Wind’s five-year outlook is for an annual net profit exceeding EUR 20 million.
ABO Wind now operates in 16 countries and is currently working on a pipeline of wind and solar projects totalling around 10 GW. South Africa and Argentina account for more than 5 GW of this total. During the first half of 2019, ABO Wind offloaded 317 MW of wind and photovoltaic (PV) projects in Finland, Spain and France and won 30 MW of solar schemes in Argentine tenders. Additionally, it commissioned 13 MW of solar parks in Greece and Hungary.
(EUR 1.0 = USD 1.098)