Acciona Energia reports 91% jump in net profit in H1 2021

Spanish renewables company Corporacion Acciona Energias Renovables SA (BME:ANE) on Wednesday reported a 91.4% spike in attributable net profit for the first half of 2021 in its first results since going public on July 1.

The profit of EUR 153 million (USD 181.6m) came on the back of growth of the international generation business, new installed capacity, higher prices, especially in the US, and lower financial costs under the new capital structure, the company said.

Formerly a renewables division of Spanish group Acciona SA (BME:ANA) and now operating as Acciona Energia, the clean energy pure player completed the funding and treasury separation from the parent on July 8.

In mid-July, the over-allotment option in Acciona Energia’s initial public offering (IPO) was fully exercised, taking the company’s free float to 17.25%.

Its key financial results for the first half of 2021 are presented in the table below:

In January through June, Acciona Energia’s power plants produced a total of 12,557 GWh of electricity, up 3.7% year-on-year. The consolidated power production rose by 4.1% to 10,227 MW.

The company owns and has interests in wind and solar farms, hydroelectric and solar thermal power plants, and some biomass-fired capacity.

At the end of June, the total installed capacity reached 11,188 MW, a 7.5% increase compared to the same period a year back. The company’s consolidated capacity stood at 9,125 MW, up by 9.4%.

Acciona Energia installed 494 MW of capacity during the first six months of the year, and is currently building 495 MW of renewable energy projects. It said it has a further 1,250 MW of projects lined up for construction in the coming months.

(EUR 1.0 = USD 1.187)

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