The renewables division of Italian energy company Enel SpA (BIT:ENEL) saw its adjusted EBITDA in the first half of 2016 decline by 3% year-on-year to EUR 920 million (USD 1bn).
Reported earnings before interest, tax, depreciation and amortisation (EBITDA) fell by 14.7%.
This spring, Enel Green Power SpA merged with its parent Enel. An interim results presentation by the latter on Thursday showed capital expenditure for the renewables business jumped by 79% to EUR 1.74 billion in the first half of the year. Non-hydro renewable energy now accounts for roughly 10% of Enel’s 87-GW power generation portfolio.
Gross debt for renewables amounted to EUR 4.71 billion at mid-2016.
Enel SpA’s net ordinary profit for the six-month period grew by 9% to EUR 1.74 billion, even as revenues inched down by 9% to EUR 34.15 billion.