Elecnor's wind power unit grows net profit by 57.7% in Q1 2022

Osorio wind farm in Brazil. Source: Elecnor

May 9 (Renewables Now) - Enerfin, the wind energy unit of Spanish infrastructure builder Elecnor SA (BME:ENO), increased attributable net profit by 57.7% year-on-year to EUR 13 million (USD 13.7m) in the first quarter ended March 2022, the parent group said on Monday.

The unit’s results benefited from the start-up of the San Fernando wind farm complex in north-east Brazil in early 2021, and the higher wind energy output achieved in Spain in the first quarter compared to the same period a year ago, Elecnor said.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) surged by 78.9% on the year to EUR 45.8 million, with revenues were up by 72.1% to EUR 61.3 million.

Enerfin has stakes in 1,355 MW of wind power capacity in operation and under construction in Spain, Brazil and Canada. According to Elecnor, the subsidiary has close to 9 GW of wind and solar PV projects in the pipeline, and is seeking to diversify its activities through storage, hydrogen and hybridisation projects.

In February this year, Elecnor informed the market that it was looking to sell a significant but not a majority stake in Enerfin. Based on the company's first-quarter earnings report, that plan is still in place.

The Elecnor group as whole, which through other business units is involved in the construction and operation of clean power plants, transmission assets and different types of infrastructure, boosted the consolidated net profit by 18% to EUR 25.4 million in the January through March quarter.

(EUR 1.0 = USD 1.057)

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Sladjana has significant experience as a Spain-focused business news reporter and is now diving deeper into the global renewable energy industry. She is the person to seek if you need information about Latin American renewables and the Spanish market.

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