ABO Wind's 2017 net profit inches up to new record
The Berger Wacken wind park. Source: ABO Wind (www.abo-wind.com).
Net profit at German renewables developer ABO Wind AG rose to a record EUR 17 million (USD 19.8m) in 2017 from the previous record of EUR 16.5 million in 2016.
Revenues grew to EUR 147 million from EUR 122 million, the company said today.
In 2017, for the first time, more than 50% of ABO Wind's net profit came from international markets, pointed out managing director Jochen Ahn. The company, which has branched out into solar, is currently developing projects in 16 countries around the world.
Last year, it commissioned 166 MW of renewable energy, which also sets a record for the company. It sold 85 MW of shovel-ready wind farms in Spain and Northern Ireland and sold to Czech utility CEZ 100 MW of wind farms under development in France.
ABO Wind is currently issuing a two-year EUR-15-million convertible bond without the help of a bank and has sold more than a third.
Looking ahead, ABO Wind expects the profits of 2016 and 2017 to become the norm, although, it said, these record levels will probably not be reached every year.