Elecnor's wind biz lifts 9-mo net profit by 121.5% y/y in 2022

Enerfin, the wind energy subsidiary of Spanish infrastructure builder Elecnor SA (BME:ENO), increased the net profit for the year’s first nine months by 121.5% to EUR 23.8 million (USD 23.9m), the parent group said on Monday.

The year-on-year surge was mainly owed to a more favourable production prices for wind farms in Spain compared to the same period of 2021. Solid performance of the currencies that Enerfin uses abroad, the Brazilian real and the Canadian dollar, against the euro also contributed, Elecnor said.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) grew by 53.8% to EUR 104.9 million. Revenues totalled EUR 155.2 million, up 48.4%. Sales in Spain accounted for EUR 61.6 million of the revenue amount, up by 176.6% compared to the January through September period of 2021. International sales rose by 13.7% to EUR 93.6 million.

Enerfin has stakes in 1,355 MW of wind farms in operation and under construction in Spain, Brazil and Canada, and around 9,000 MW of wind and solar PV projects in the pipeline. Elecnor has been looking to sell a minority stake in the business since February. In the earnings report on Monday, it said it was still searching for a partner that would acquire the holding.

Elecnor’s transmission business Celeo, which it shares with Dutch pension fund manager APG, also has stakes in renewable energy, specifically in 345 MW of PV and concentrated solar power (CSP) in Spain and Brazil. The CSP plants in Spain were curtailed and produced less during the reporting period, which led to a negative impact of around EUR 5 million on Elecnor Group’s income statement, the company said.

(EUR 1.0 = USD 1.002)

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